There is a complete account of how much gold or gold jewelery etc. you can keep at home. 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, its limit should be known. 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 applicable in India. Under this, people were not allowed to keep gold beyond a certain limit. However, this act was abolished in June 1990. After that the government did not make any rule regarding the limit of keeping gold. There is no legal limit on how much gold a woman or person can keep with them.
What does CBDT say?
In 1994, the Central Board of Direct Taxes (CBDT) issued some instructions regarding gold. If a married woman finds gold jewelery weighing up to 500 grams, then the tax authorities will not confiscate it. If an unmarried woman gets gold jewelery up to 250 grams, then it will not be confiscated. Gold jewelery up to 100 grams of a married or unmarried male member will not be confiscated. However, action can be taken if more gold is caught without any source of income.
If you have received gold as a gift or inheritance, then you will have to show its paper. 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.
The post Gold Rule: How much gold jewelery can women keep at home, know what the rule says first appeared on Rightsofemployees.com.