If you like to buy gold jewelery and keep it at home, then you must know about the rules set by the Income Tax Department. You may have to face action if you do not follow the rules.
It is necessary to take a firm bill while buying gold
Always take a firm bill when buying gold or gold jewelery. Keep this bill safe because if needed you may have to tell the department the right source of sleep. If you do not give a satisfactory answer then your gold can be confiscated.
How much gold can you keep at home?
The Central Board of Direct Tax (CBDT) has set the following limit to keep gold in the house:
- Married woman: up to 500 grams
- Unmarried woman: up to 250 grams
- Male: up to 100 grams
If you keep more gold at home than this limit, the department can interrogate you.
Unlawful income information is illegal
Never hide your income. Gold purchased from farming income or savings is tax free, but on asking you have to tell its source. Tax is not payable even on the inherited gold. However, it is necessary to give information about gold kept in the house to the Income Tax Department.
Tax rules for selling gold
If you sell gold after keeping for more than 3 years, then you will have to pay 20% tax on the benefits received from it, which will be considered as long -term capital gains. If you sell before 3 years, then the profit will be added to your annual income, on which tax will have to be paid according to the slab.
Important things:
- Always keep a firm bill
- Keep the source of sleep clear
- Action is possible on keeping gold more than the fixed limit
- Give the correct information about income to the Income Tax Department
The post rules for keeping gold at home: Know the required rules and limits of income tax first appeared on News India Live | Breaking India News, The Indian Headline, India Express News, Fast India News.
