The Union government is explained to be mulling a plan to put a limit on the amount of unaccounted gold one can hold. Reports claimed previously that the government was planning to initiate a gold amnesty scheme and that those holding unaccounted gold beyond a certain limit would be penalised. In the days pursuing the reports, scores of readers were concerned about the amount of gold they can keep at home without worrying about an Income Tax raid as per the current rules. In this article, we will discuss on Find how much gold you can hold as per Income Tax Rules.
Income Tax Rules
Experts asserted that there is no limit on the amount of gold jewellery or ornaments citizens of India can hold, provided they can explain the source of income that allowed them to invest in gold. However, there are separate limits for men and women on the unaccounted gold.
According to Central Board of Direct Taxes (CBDT), there is no limit on the holding of gold jewellery or ornaments for a citizen of India if s/he can explain the source income which allowed her/him to invest in gold.
Chief Mentor & Leader, Corporate Secretarial & Legal, Sameer Mittal & Associates LLP, stated As per Central Board of Direct Taxes (CBDT) clarification vide its circular dated 01 December, 2016, there is no limit on holding of Gold Jewellery or Ornaments by anybody provided they have adequate justification regarding the source of income from which the gold is acquired.
Further Clarification by CBDT
CBDT had illustrated that jewellery and ornaments to the extent of 500 grams for married lady, 250 gms for unmarried lady and 100 gram for male will not be seized, even if prima facie it does not appear to be matching with the disclosed income records of that individual. Therefore till the time the basis of income for the acquisition of gold is in place, the assessee shall not be surprised of any raid by income tax.
The household gold repository limit in India is various for married women, unmarried women, and a male member. A married woman can have up to 500 grams gold, and a bachelorette can have up to 250 grams of gold, even if they fail to elicit their income proof. Males could be deemed a bit unlucky in this regard as they are enabled to hold only 100 grams of gold without justifying their income status.
Moreover, If you want any other guidance concerning ITR Filing, please feel free to talk to our business advisors at 8881-069-069.
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