Are you also a Gold lover? Planning to keep some gold in your home further? Then today’s article is for you. Gold holds a significant place in Indian culture; no wedding feels complete without it. It’s also viewed as a reliable investment during tough times. Gold is deeply rooted in tradition, making it a popular purchase during festivals, as it’s considered lucky. Not only does it satisfy the love for jewelry, but it also serves as a valuable asset.
Now, about keeping gold at home:
Many folks choose to stash their gold in bank lockers for security, but they often keep some jewelry at home too. However, did you know that the Indian Income Tax Rules set a limit on how much gold you can keep at home? If you exceed this limit, you’ll need to show proof of ownership. Let’s break it down.
If you have all the required documents related to your income and taxes, there’s no cap on how much gold you can keep at home. This means you can store as much gold as you like. But if you lack those documents, there are restrictions. Here’s what you need to know about the gold storage limits for married women, unmarried women, and men.
For women, the rules are as follows: a married woman can keep up to 500 grams of gold, while an unmarried woman is allowed 250 grams. As for men, they can only keep 100 grams at home. Remember, these limits apply per person. So, if there are two married women in a household, together they can keep up to 1 kg of gold.