Gold Store Rule: Everyone wants to buy gold in India, due to which there is a lot of gold buying in India. Especially in the season of festivals and weddings, the purchase of gold is more. During this, everything from jewelry to gold coins are bought. However, you can buy and keep gold at home only up to a limit.
The government has made rules on keeping gold from married people to unmarried people. If you also do not know how much gold you are allowed to keep, then here is the complete detail information.
According to the Central Board of Direct Taxes (CBDT), if you buy gold from your income, then it does not come under tax exemption. Tax has to be paid on this. That gold is considered safe, which has been bought with legitimate income. At the same time, the government can confiscate the gold bought on illegal income and can also take action.
How much can married women keep gold
According to the rule given by the government, a married woman can keep up to 500 grams of gold. On the other hand, those who are not married can store up to 250 grams of gold.
how much gold can men keep
The government has also allowed men to keep gold. They have been given permission to store up to 100 grams of gold at home.
Is there tax on keeping gold?
Gold taken from friends and relatives is not taxable, but if you go to sell it, capital gains tax is levied on it. On the other hand, if you keep the gold for less than three years, then short-term capital gains tax is applicable. On the other hand, if you sell gold after keeping it for more than 3 years, then long term capital gain tax is applicable. Whereas the sale proceeds will be subject to income tax, which is 20 per cent with indexation benefit.