Ever wondered “how much gold can one person own in India ?”
Gold has forever been measured as a safe-haven savings tool for most Indians. There have been a number of rumours in terms of how much gold you can hold legally. Indian’s love for gold is known. But make sure you buy all your gold from tax-paid income.Let us understand this in detail.
How much gold can one person own in India ?
Limitless! Yes, it is true. There is no approved limit for you to hold any amount of gold jewellery provided you are able to clarify the source. What it means is that as long as you are holding any jewellery item bought out of your savings from the already-taxed money or you have received it via inheritance, there is no limit.
You will discover how much gold can one person own in India
No ceiling limit to hold Gold @ How much gold can one person own in India
If you have purchased the gold from explained legit of income including inheritance then there is no maximum limit on holding of gold jewellery.However, your ITR must match to the amount of gold which you are holding.
Furthermore, it is advised that you keep the bills of your purchases. In case of exchange of gold jewellery, keep a copy of invoice of the exchange along with the invoice of the original purchase.
In case of inheritance it is advised to keep a duplicate copy of Will. It acts as a proof of your inheritance. If the person from whom you have inherited the gold was wealth tax payer it becomes easier to establish the quantity of gold inherited by you.
What IF YOU CAN’T clarify THE SOURCE OF your GOLD?
The notification issued by CBDT specify that a married lady is permitted to keep up to 500 grams of gold jewellery; an unmarried lady can keep up to 250 grams and a male member of the family can keep up to 100 grams of gold ornaments and jewellery.
Under the above particular limit, it includes both inherited and purchased gold jewellery. Even if you don’t have supporting documents for the above amount of gold jewellery, it will not be seized. However, it does not include gold coins and bars. The gold coins and bars can be seized even if it is within the limit specified above. If you have gold extra than the limit specified above and you can explain the source of it, to the officer in charge may not seize the gold depending on the facts of the case.
This limit does not contain the gold that you may be holding on behalf of someone else. So if there’s a raid at your place and you are holding the gold of your relatives or friend, then this gold will not be included in the above limit and may be seized.
For example, if there are 4 members in your family, one married female, one unmarried female, one married male and one unmarried male, then the total amount of gold that will not be seized amounts to
|Married Female||500 gm|
|Unmarried Female||250 gm|
|Married Male||100 gm|
|Unmarried Male||100 gm|
Hope now you people are aware how much gold can one person own in India
If you want more clarity on “How much gold can one person own in India”.Please drop in your comment below .