New Guidelines for Gold: According to a recent World Gold Council (WGC) report, India purchased 191.7 tonnes of gold worth Rs 85,010 crore in the third quarter of 2022. It also boosted global gold investment trends by reporting positive gold investment figures.
India’s gold demand for the third quarter of 2022 increased by 14% to 191.7 tonnes. In the third quarter of 2021, demand was 168 tonnes. However, this raises another question. How much gold can you store at home?
New Guidelines for Gold: What exactly does the law say?
The Central Board of Direct Taxes (CBDT) had previously directed its officials to deduct tax from individuals up to a certain limit based on their gender, marital status, and relationship as a family member. Seize not during In India, there is no restriction on keeping gold jewellery or ornaments.
However, according to an Income Tax notification dated May 11, 1994, married women in India can keep up to 500 grammes of gold jewellery and ornaments without providing proof. The maximum amount of physical gold that unmarried women can keep at home is 250 grammes. Men, regardless of marital status, are only permitted to consume up to 100 grammes.
Anything placed above these limits without the necessary income proof will be scrutinised and possibly confiscated. According to the tax-related information platform Chartered Club, gold coins and bars can be confiscated even if they are within the specified limits if no required documentation to prove their acquisition is provided.
Is it safe to keep gold in the house?
Keeping physical gold at home, according to investment experts, is not a good idea due to security concerns and the risk of theft. Let us tell you that gold is more than just a metal for the people of India. It is not only a safe investment, but it also contributes to our families’ happiness.
