Keeping gold at home? Check new Income Tax regulations now!

In our country, gold is not just a means of investment, but also people's emotions are connected to it. People often like to buy gold during weddings or festivals. However, there are legal restrictions on the amount of gold that can be stored at home.

If the gold stored at home exceeds the permitted limit, the Income Tax Department may investigate. It is essential to know the government rules regarding gold possession to avoid any legal issues. The Central Board of Direct Taxes (CBDT) has specific guidelines on how much gold individuals can legally hold.

According to CBDT, unmarried women can save up to 250 grams of gold. At the same time, unmarried men are allowed to keep only 100 grams. Married women are allowed to save 500 grams of gold, while married men can hold a maximum of 100 grams of gold.

These limits ensure that gold remains within legal boundaries and prevent unnecessary taxation issues. Apart from storage rules, taxation also applies to gold transactions. If gold is sold within three years of purchase, the seller has to pay short-term capital gains tax.

However, if gold is sold after holding it for more than three years, long-term capital gains tax applies. Additionally, Goods and Services Tax (GST) is applicable when buying gold. It is very important to understand these taxation laws before buying or selling gold to avoid unexpected financial liabilities.