Income Tax: What is the limit for keeping gold at home, how much tax will have to be paid on selling it, know the rules of income tax..

Gold Storage at Home: Investing in gold is also considered a good investment option. It is often seen that people buy gold when its prices are low. After this, they keep the gold safe in their homes. But do you know that before keeping gold at home (How much Gold can you keep at home), you should be aware of the rules related to it?

If you are not aware of these rules, then you may have to face difficulties. Apart from this, you can also be sent a notice by the Income Tax Department.

This is the limit for keeping gold at home-

Under the Income Tax Rules made by the Government of India, a limit (Gold Storage Limit in India) has been made to keep gold at home. According to this, this limit is different for women and men. According to the rules of CBDT (Central Board of Direct Taxes), you can keep a certain amount of gold at home. If you keep more gold than this limit at home, then you will have to provide proof of it. You need to have a receipt related to the purchase of gold.

Women can keep this much gold-

According to the Income Tax Act, married women can keep up to 500 grams of gold (Gold Storage Rule In India). While talking about unmarried women, this limit has been kept up to 250 grams for them. At the same time, men are allowed to keep only 100 grams of gold, whether that man (Gold Storage limit of men) is married or unmarried.

These are the rules of tax on inherited gold-

If you have purchased gold from declared income or tax-free income or if gold has been legally given to you as an inheritance, then you do not have to pay any kind of tax on that gold. According to the rules, gold ornaments found within the prescribed limit cannot be confiscated by the government (gold limit at home). But if you have more gold than the prescribed limit, you may have to show the receipt.

Tax will have to be paid on selling gold-

No tax (Tax on Gold Jewellery Holdings) is levied on keeping gold at home. However, if you sell gold, you may have to pay tax on it. If you keep gold for 3 years and then sell it, then the Long Term Capital Gains (LTCG tax kya hota h) tax has to be paid at the rate of 20 percent on the profit made from it.

These are the rules for selling digital gold-

If you sell Sovereign Gold Bond within 3 years, then the profit from it is added to your income. After this, tax has to be paid on it according to your tax slab. If a Sovereign Gold Bond (SGB investment benefits) is sold after 3 years, then a 20 percent tax has to be paid on the profit with indexation and a 10 percent tax without indexation. However, if you keep the gold bond till maturity, then you do not have to pay any tax on the profit.

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