Gold Rules: The craze to buy gold jewelery has not diminished among the people. Now the question is how much gold can you keep at home. How much gold the Income Tax Department allows you to keep at home. Means, how much gold jewelery can women keep at home
The craze for buying gold in India is obvious. This is the reason why India comes on top in the count of gold consumer countries. Buying gold during festivals like Navratri, Akshaya Tritiya, Dhanteras, Diwali is considered auspicious in the country. During this time there is a huge crowd near the jewelers. Now apart from gold jewellery, investment in Gold ETF, Sovereign Gold Bond, Gold Mutual Fund has also started increasing.
Even after all this, the craze of buying gold jewelery has not reduced among the people. Now the question is how much gold can you keep at home. How much gold the Income Tax Department allows you to keep at home. Means, how much gold jewelery can women keep at home.
Know what the Gold Control Act 1968 says?
Earlier Gold Control Act 1968 was applicable in India. Under this, people were not allowed to keep gold beyond a 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. Keeping gold at home is an old tradition in India.
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 finds gold jewelery up to 250 grams, it will not be confiscated. Gold jewelery up to 100 grams of a married or unmarried male member will not be confiscated. That is, if there is an income tax raid in your house, then you will be allowed to keep this much gold.
Why were these rules made?
The purpose of the rules framed by the CBDT is to provide relief from seizure of gold jewelery during income tax raids. These rules apply to the members of the family. It is important to mention here that there is no fixed law regarding keeping gold jewellery.
