It is said that gold is the favorite investment scheme of the people in India. People buy special gold on festivals like Diwali or Dhanteras. But do you know how much gold you can legally hold? If you have how much gold without income proof then you will not have to face any problem from the Revenue Department?
According to a report dated December 1, 2016, as per the guidelines of the Central Board of Direct Taxes under the Department of Revenue, you are not required to provide any evidence in these cases.
How much gold can a man keep? How much gold can be kept if there is no proof of income? In which case can the Income Tax Department take action? Know all the information.
1) A married woman can keep 500 grams of gold even without income certificate.
2) An unmarried woman can keep 250 grams of gold.
3) A man can keep a maximum of 100 grams of gold.
The Income Tax Department cannot take any action in these cases.
Inherited gold?
In India, there is a tradition of gifting gold to a daughter who is going to get married. Often the gold collected by ancestors is also given to the heirs. Even if you have gifted or inherited gold to your parents or family and you have official proof of the same, the Income Tax Department cannot take any action against you in this matter. You just have to show that proof and after that you do not need to provide proof of income.
If you have more gold than the limit set by the Government of India, then you will have to present proof of purchasing the gold to the officials of the concerned investigating agencies. Along with this, if you have more gold in your house than the limit set by the government, then you may have to provide proof of your income from which source you have purchased this gold.
Interestingly, this rule of keeping gold at home is applicable only if you have gold in the form of gold jewellery. You cannot keep gold coins or bars in your house. If you have gold coins or bars in your house, they can be confiscated. To keep gold, you must have documents related to the purchase of gold.
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In such a situation, it is not wise to keep gold in the house. Jewellery not for daily use should be kept in your bank locker. By paying nominal rates, you can keep your gold safe and this will bring peace to your family.
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