Tax on Gold : 'If gold is kept in the house, then why pay tax', know how much gold kept in the house is not taxed

Tax on Gold : ‘If gold is kept in the house, then why pay tax’, know how much gold kept in the house is not taxed

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new Delhi. The attraction of gold is to every Indian. It is not only a better way to invest, but gold jewelry also enhances your personality. The love of gold jewelery for women is well known. In such a situation, do you know how much tax is levied on gold kept in the house?

Many times this question comes to mind that when the government is charging tax on everything, then can income tax raids be conducted on the gold kept in the house. If this happens, the amount of gold kept with you will not be taxable. Income Tax Expert Balwant Jain explains that you are allowed to keep a certain amount of gold, on which no tax is levied.

Also read – If you want to invest in Gold ETF, then see who gave the highest return in a year?

No income tax on gold up to 500 grams

If you have 500 grams of gold in your house, then it will not come under the purview of income tax. Not only this, there will be no need to tell the source of income on this. That is, under the Income Tax Act, any person can keep up to 500 grams of gold in his house without any income proof. The Income Tax Department will not be able to confiscate this gold in any kind of raid or investigation.

There is a different scope for each class.

Married women are allowed to keep gold up to 500 grams

Unmarried women can keep up to 250 grams of gold

Men are allowed to keep up to 100 grams of gold without income certificate

Also Read – Fact Check: Did You Buy It Too? LIC’s ‘Kanyadaan’ policy, know the reality or else money will be lost

Rules made for the convenience of investors

Angel Broking’s Deputy Vice President (Commodities) Anuj Gupta says that the Central Board of Direct Taxes (CBDT) had made such a rule for the convenience of income tax payers and investors. In this, up to 500 grams of gold was allowed to be kept without any certificate, so that unnecessary trouble could be avoided during the proceedings of the Income Tax Department.

Tags: gold, income tax

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