How much physical gold one can keep at Home?
As per The Central Board of Direct Taxes (CBDT) following is the limit of physical gold one can keep at home.
Married Male 100 grams
Married Female 500 gramsUnmarried Male 100 grams
Unmarried Female 250 grams
If a family consists of 4 people, a married woman, an unmarried woman, a married man, and a single man then total physical gold the family can keep at home is equal to 950 grams.
Irrespective of marital status, males are allowed to keep only 100 grams of gold in the form of Jewellery or ornaments.
Hence, the Income Tax Department will not seize jewellery and ornaments upto limits mentioned above even if the same does not seem to be matching with the income record of the assessee.
Beyond permissible limit, one has to provide all relevant documents and proofs.
Regards,
Kirtan Bhatt
In the pursuit to make you Wealthy
Turtlefolio Wealth
