Married women can hold up to 500 grams of gold, unmarried women up to 250 grams, and men up to 100 grams. If this limit is exceeded, income tax proof must be provided.
Gifting and receiving gifts during happy occasions brings immeasurable joy. Especially when it comes to gold jewelry, the joy is doubled for both the giver and the receiver. In India, buying gold is a sentimental affair. Gold sales peak during various auspicious days like weddings, festivals, and New Year's. Gold jewelry is customary for all kinds of celebrations, including weddings and childbirth.
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Exceeding the limit will attract legal action
Gold and gold jewelry are seen as a reliable and safe investment. Buying gold during festivals is considered auspicious. For safety, gold jewelry is usually kept in bank lockers, with a certain amount kept at home. Let's understand the limits for keeping gold jewelry at home as per income tax rules. Staying within the limits poses no problem, but exceeding them can lead to legal trouble.
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How much gold can married women have?
Parents gift gold jewelry to their daughters at the time of marriage, according to their capacity. Discussions about the amount of gold given often begin during pre-wedding arrangements. With gold coming from both families, there's a limit on how much a woman can keep at home. Married women can hold up to 500 grams of gold and gold jewelry at home.
Unmarried women can hold up to 250 grams of gold and gold jewelry. Men can only keep 100 grams of gold at home. This limit is per person. If there are two married women in a household, they can hold up to one kilogram of gold. A married couple can hold up to 750 grams.
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Legal trouble if limit exceeded
If you possess gold beyond the prescribed limit, you must provide proof to income tax authorities. If you have proper purchase documents, there's no need to worry. However, if you lack receipts or tax payment documents for gold exceeding the limit, you might face problems. During an income tax raid or inquiry, you must prove the source of your gold with bills, inheritance documents, or legal declarations.
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Is there a limit on buying gold?
PAN card is mandatory for cash purchases of gold over ₹2 lakhs. Transactions above ₹10,000 must be done through bank accounts. Always ask for a bill with your name and the price details.
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Legal ways to store gold at home
Bank lockers are available with annual fees. Court permission is needed for raids.
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Digital Gold
Platforms like PhonePe and Paytm offer digital gold. It's legal and easy to track.
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Sovereign Gold Bonds (SGB)
Offered by the Reserve Bank of India. Earns interest and offers capital gains exemption on maturity. It's legal and tax-efficient.
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