If you keep more gold than the prescribed limit at home, you will have to give an account

Gold is a precious metal and a safe means of investment. Indians consider buying gold auspicious on festivals. People start buying gold in advance for their children’s wedding and keep it at home. However, most people are unaware that if you keep more than a limit of gold at home, you have to give an account of it to the Income Tax Department.

Actually, you can keep as much gold as you want at home. Provided… if the tax officials ask, you will have to tell where you got the money to buy the gold kept in your house. According to the Central Board of Direct Taxes (CBDT), no tax has to be paid on the purchase of gold made from declared income.

Exemption to keep up to 100 grams

According to the rules of CBDT, some limits have been fixed on the amount of gold and jewellery made of it kept at home without any proof for tax saving.

A married woman can keep up to 500 grams of gold at home without any proof.

The maximum limit for unmarried women is 250 grams.
Men (married and unmarried) can keep up to 100 grams of gold.