The government has made some rules regarding keeping gold at home, under which you cannot keep more than the limit. In such a situation, if more gold than the limit is found in the house, then the Income Tax Department will confiscate it. Let us know in the news below how much gold jewelery women can keep at home-
There is a complete account of how much gold or gold jewelery etc. you can keep in your house. Its complete blueprint has been drawn by the Income Tax Department. If you want that the income tax department does not confiscate the gold kept at home, then you should know its limit. If you also want to know how much gold jewelery women can keep at home, this news is useful for you.
Gold Control Act 1968?
Earlier Gold Control Act 1968 was in force in India. Under this, people were not allowed to keep gold more than a limit. However, this Act was abolished in June 1990. After that the government did not make any rules regarding the limit of keeping gold. There is no legal limit on how much gold a woman or person can keep.
What does CBDT say?
The Central Board of Direct Taxes (CBDT) had issued some instructions regarding gold in 1994. If a married woman is found with gold jewelery weighing up to 500 grams, it will not be confiscated by the tax authorities.
If an unmarried woman is found with gold jewelery up to 250 grams, it will not be confiscated. Gold jewelery up to 100 grams of any married or unmarried male member will not be confiscated. However, action may be taken if more gold is caught without any source of income.
Tax rules
If you have received gold as a gift or inheritance, then you will have to show its documents. This will also have to be mentioned in the income tax return. As a paper, you can show the receipt received from the person who has gifted you gold.
