Gold Limit at Home: Income Tax Department will send notice if you keep gold at home beyond this limit, Details
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 Limit at Home: 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 about this, 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, then no one will be able to search you officially.
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 have to be paid?
If you go to sell gold, then you have to pay tax to the government on the income earned from gold. According to the circular of CBDT, 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.
Gold Rate Today: What was the price of gold today?
According to the information received in this regard, today on March 14, on the occasion of Holi, the price of gold has increased. Today the price of 24 carat gold has increased by Rs 600 per gram. On March 14, the price of 24 carat gold was Rs 8876.3 per gram. At the same time, the price of 22 carat gold is Rs 8138.3 per 10 grams. Today, an increase of Rs 550 was recorded in the price of 22 carat gold.
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