Gold storage rule In our country, gold is not just a means of investment but people’s emotions are attached to it. People mostly prefer to buy gold during weddings or festivals. Do you know how much gold can be stored in physical form at home? Let’s know all the important things related to gold.
Gold Storage Limit: Buying gold in India is considered very auspicious. Most people prefer to buy gold only on marriage or any auspicious occasion. Along with this, Indian women like to wear gold jewellery. The same people buy gold in advance for their children’s wedding and keep it at home. But you can keep gold in physical form only up to a limit.
If you keep more gold than this limit at home, then you will have to answer to the Income Tax Department. Therefore, check the rules related to it before buying gold.
Gold limit: How much gold can be kept at home?
According to the Central Board of Direct Taxes (CBDT), there is no tax on the purchase of some things. According to the information received in this regard, there is no tax on inherited money, purchase of gold up to a limit or in store and agriculture.
Therefore, if you store gold up to a limit at home, no one will be able to conduct an official search of you.
- Unmarried women- Unmarried women can keep only 250 grams of gold at home.
- Unmarried men- Unmarried men are allowed to keep only 100 grams of gold.
- Married women- Married women can keep only up to 500 grams of gold.
- Married men- Married men can keep only 100 grams of gold at home.
GST On Gold: How much tax will you have to pay?
If you go to sell gold, then you have to pay tax to the government on the income earned from gold. According to the CBDT circular, if you buy gold and sell it in 3 years, then you will have to pay Short-Term Capital Gain Tax. Along with this, if you sell gold after more than 3 years, then you will have to pay Long-Term Capital Gain Tax.
