Silver Storage Rules: In India, gold and silver are a means of investment and wealth preservation. Many people keep gold and silver in their homes for financial security and traditional values. They store it safely by purchasing silver jewelry, coins, or other forms. However, like gold, there are some important things to keep in mind when storing silver. Silver is being discussed a lot these days. This is because silver has given higher returns than gold in recent years. This year, silver has given returns of more than 80 percent.
High returns have increased the demand for silver among investors . In India, silver is considered a preferred investment and wealth preservation method. Many people keep it at home for personal and financial reasons. There are certain limits on keeping gold at home, but are there any similar requirements for silver? Let’s find out.
How much silver can you keep at home?
Unlike gold , there is no limit on holding silver (such as coins, jewelry, utensils, etc.) under the Income Tax Act, 1961. If the silver is legally purchased or inherited, there is no restriction. Tax is levied only when you sell the silver and make capital gains. Tax is levied only on the sale or when hidden assets are discovered. In India, you can keep any amount of silver at home. Unlike gold, there is no limit on holding silver at home. Whether it’s coins or jewelry, you can keep as much silver as you wish.
But if you have a large amount of silver, it’s best to keep proof of purchase (a bill or receipt). If you purchased silver from a jeweler, dealer, or online platform, be sure to keep the original bill. These documents can serve as a safeguard against future inspections by the Income Tax Department.
How much is the tax on earnings from silver?
The tax rules on silver depend on whether you purchased physical silver (such as jewelry, coins, bars) or invested in a silver ETF or silver mutual fund, and how long you held it. Therefore, it’s important to understand the tax rules to make informed investment decisions.