Do you know how much gold you can keep at home? Exceeding this will be taxed - how much?

How much gold can be stored at home in India? Before saving gold one should know the limits and income tax rules related to it.

Gold Storage Limit at Home

Buying gold is considered very auspicious. Apart from this, it is also a great choice for investment. Many people buy gold in advance for their children's wedding. people start buying gold in advance and keeping it at home for their children's weddings. In such a situation, many people do not know that if they keep more than a certain amount of gold at home, they have to account for it.

Gold Storage

Investing in gold is a good option, but it is very important to keep it within the prescribed limits at home. If you have gold above the limit (gold shop rule in India), you have to account to the revenue department. Knowing the exact amount of gold is essential to avoid legal action. It is important to know how much gold you can keep at home.

Gold Storage Limit

According to the Central Board of Direct Taxes (CBDT) rules, sources of income (agricultural income, inheritance money, purchase of gold up to a limit) are not taxed to get income and deductions. If the gold in the house is within the prescribed limit, the Income Tax Officer cannot take away the gold jewelery from the house during the inspection (Gold Jewelery Storage Rule).

Gold

An unmarried woman can keep up to 250 grams of gold at home.

An unmarried person can own only 100 grams of gold.

Meanwhile, a married woman can keep up to 500 grams of gold at home. 100 grams of gold for a married man at home. Now we can buy wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital gold along with physical gold.

Physical Gold

In such a situation, let's know what is the limit for holding gold and what are the tax rules related to it. According to the CBDT circular, unmarried men or married men can own only 100 grams of gold. Whereas an unmarried woman can keep 250 grams of gold and a married woman can keep 500 grams of gold in physical form (household gold storage).

Income Tax

If gold is sold within 3 years of purchase, the government levies short-term capital gains tax on it. At the same time, long term capital gains tax is payable if gold is sold after 3 years. Physical also means wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital gold offers higher returns compared to physical gold. Apart from this, there is no limit to buy wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital gold.

Digital Gold

Investors can buy wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital gold up to Rs 2 lakh in a day if they wish. No short-term capital gains tax is levied on wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital gold, while long-term capital gains tax is payable at 20 percent. Many people are currently investing in Sovereign gold Bond (SGB). It is a gold investment scheme. In this, a maximum of 4 kg of gold can be invested in a year.

Sovereign gold Bond

On this, you will get 2.5 percent interest per annum. Interest earned on this is taxed. At the same time, SGB becomes tax exempt after 8 years. No GST payable on SGB. Long term capital gains tax is levied on mutual funds and gold ETFs held for more than 3 years.