POSTED BY August 3, 2020 COMMENTS (8)ON
Most of the Indians are obsessed with gold. But are you aware of the restriction on how much gold can you hold even the worth of gold does not match your income status?
In this article I will exactly touch base on that.
Have you ever wondered what will happen if govt starts raiding all households in India and demands the proof of how you bought all that gold you have?
Often we do not keep a track of receipts and proof of how we paid for that gold bought very long ago. In that case, how much gold can you hold without any proof, even if it does not match your income status?
As per Central Board of Direct Taxes (CBDT), this limit is different for a married woman, unmarried women and a man. This might sound strange, but here is the limit
|A Married woman
These above limits include both the inherited and the self-bought gold jewelry. In case of inherited gold also, you need to have the receipts in the name of original owner.
In case you are holding very high amount of gold, just make sure that you have all the valid tax receipts and invoices saved at your end.
The WILL can also act as proof of inheritance, in case the gold you inherited is mentioned in the WILL. Alternatively, one can also submit a family settlement deed, will, or a gift deed stating the transfer of such commodity to you.
On contrary, if there is no such document available, then the officer will analyze your family’s social status, customs, and traditions to come to a conclusion on whether your statement is valid or not and whether to confiscate the amount of gold you are holding or not.
Do let us know what you think about this limit in the comments section.
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