Gold jewelery is present in almost every other Indian household. The importance of gold increases especially on the auspicious occasion of marriage. It is common for every daughter-in-law and daughter to have gold jewellery. In such a situation, it is important for you to know the rules of keeping gold at home. It is important to check the rules of the Central Board of Direct Taxes (CBDT). Let us know about it in detail.
For centuries, Indians have had a special love for gold. Even in today’s time, the importance of gold increases even more on auspicious occasions like marriage. Gold ornaments are made for the daughter and daughter-in-law of the house, in such a situation it is common to have gold in every other house.
However, keeping gold more than the limit can bring a big problem to you. Your house may be raided by the Income Tax Department.
How much gold should I keep?
Actually, understanding the importance of keeping gold, some rules have been made. Under these rules, gold can be kept up to a limit-
The Central Board of Direct Taxes (CBDT) had issued instructions in 1994 to keep gold at home. According to these instructions-
A married woman can have up to 500 grams of gold.
An unmarried woman can have up to 250 grams of gold.
A married or unmarried man can have up to 100 grams of gold.
When can trouble arise?
Here you need to understand that this rule of the Central Board of Direct Taxes does not give any legal right to keep gold.
These are only meant to protect the taxpayer from gold seizure during raids. These rules apply to family members only.
If gold is found with any other member outside the household, the Income Tax authorities can confiscate it.
