How much gold can an average person keep at home, and what are the rules regarding it?

Gold Rules: There are some guidelines for keeping gold at home. Is there any kind of limit on this? Keeping so much gold can cause you problems. Learn about this useful information.

Gold Rules: In India, gold is not just considered jewelry but also a part of tradition and investment. Buying gold is a tradition for every occasion, from weddings to festivals. People generally consider gold a safe deposit and a strong security for the future. But very few people know how much gold can be kept at home.

Has the Income Tax Department made rules for this? Is there a limit? What action can be taken if you keep more than that limit? If you invest in gold or keep gold at home, it is important for you to know what rules the government has set for this. And what is the limit on gold storage? Learn about the rules.

Is there a limit on keeping gold at home?

The Income Tax Department has set a limit on gold possession. Married women can possess up to 500 grams of gold. Unmarried women can possess up to 250 grams, and men can possess up to 100 grams. There is no tax or legal action up to this limit. If you possess more gold than this limit,

and you provide proper bills or a declaration in your income tax return, there are no restrictions. This limit applies only to gold that does not have accompanying documents. If you have proof of gold, you can possess a larger quantity without any problems.

When could a problem arise?

Can you face problems if you keep excess gold at home? If you possess more gold than the prescribed limit but cannot prove its proper bills or legal source, the Income Tax Department can take action. Sometimes, excess gold is confiscated during raids. Similarly, if the assets declared in your income tax return and the gold found at home do not match, an investigation may be initiated. Therefore, it is always important to obtain authentic bills when purchasing gold. If you are investing a large amount, it is wise to include it in your ITR. This will avoid any legal trouble and will also prevent any problems when selling or mortgaging gold in the future.