How much gold can you keep at home, know what the law says?

As gold has given tremendous returns in the past few years, it is becoming the first choice of investment among people. Gold has been the easiest investment option in India since ancient times. But can you keep as much gold as you want in your house or is there any limit and any law regarding it?

Most people in India prefer to keep gold at home, while many also keep their gold jewelery safe in bank lockers. In such a situation, the government has also made some rules regarding the limit of keeping gold. Good to know about them.

What is the gold holding limit?

First of all, let us tell you that there is no limit to how much gold a person can keep in the country. Any person can keep as much gold as he wants in his house. But they can tell where they got the money to buy that gold.

Under the Income Tax Act if the Income Tax authorities ask you for details of income or money received for your gold or other assets, then you have to give the full details.

Is income tax applicable on buying gold?

3 percent GST is already levied on gold purchases in the country, but according to the Central Board of Direct Taxes (CBDT) which makes policies for the Income Tax department, you can buy as much gold as you want from your declared income. You don't need to pay any separate tax on this. You have to pay income tax as per your tax slab.

Yes, even if you have inherited gold from your ancestors or it is equal to your reasonable savings, it can be exempted from tax. You do not have to pay any tax on the gold deposited in this way.

You can keep so much gold at home without proof

According to CBDT rules, a married woman can keep around 500 grams of gold in her house without any proof. While for unmarried women this limit is 250 grams. While men can keep only 100 grams of gold without proof.