Jewelery purchase and storage Guideline: Alert those who keep gold in the house, know the new rule of keeping jewelery

The government has made some rules regarding the purchase and storage of gold in India. Let us know below in the news how much gold you can keep in the house.

Gold Purchase, Storage And Tax Rules In India – The government has made some rules regarding the purchase and storage of gold in India. Know how much gold you can keep at home. How much gold can a married woman keep with her?

How much gold can you keep at home?

According to the Central Board of Direct Taxes (CBDT), any amount of gold that can be kept in the house, it should be legal. Whatever gold you have should be proof of how it was bought/found.

How much gold can women keep with them?

A married woman can keep 500 grams of gold with her. There is a gold limit of 250 grams for unmarried women. Male members of the family can keep only 100 grams of gold.

Is inherited gold taxed?

If you have bought or legally inherited gold from declared income or tax-free income (such as agriculture), then it will not be taxable. If there is a raid, the authorities cannot seize the gold jewelery found within the prescribed limit.

Is there any tax on holding gold?

There is no tax to be paid for holding gold. If you sell gold then you have to pay tax on it. How much? Read this further.

How much tax on selling gold before three years?

If you sell the gold within 3 years of buying that profit will add to your income. Income tax will be levied as per the prescribed tax slab.

How much tax on selling gold after three years?

If you sell gold after holding it for 3 years, then the profit earned from it will attract Long-Term Capital Gains (LTCG) tax. Its rate is 20 percent.

How Much Tax On Selling Gold Bonds?

If the Sovereign Gold Bonds (SGB) can be sold within 3 years, then the profit will be added to your income and income tax will be deducted according to the tax slab. If sold after 3 years, the profit will be taxed at the rate of 20 percent indexation and 10 percent without indexation. If you keep the bond till maturity, there will be no tax on profits.