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Gold Limit for Womens: The Income Tax Department has set different limits of gold for family members. Under this, separate limits have been made for gold or gold jewelery for married and unmarried women as well as men.
Gold Limit for Family Member: Everyone likes to wear gold jewelery and its demand is increasing every year. That is why the prices of gold are also continuously rising, but do you know that the limit for keeping gold is different for each member of the family. The Income Tax Act has fixed the limit of gold for every family member. If there is an unmarried daughter, there is a different limit and if there is a daughter-in-law, there is a different limit for her, but among all these members, the gold limit for male members of the family has been kept the lowest.
Although there is no legal limit for buying or keeping jewelery in the country, the Income Tax Department has definitely made some guidelines regarding it. The Central Board of Direct Taxes i.e. CBDT had made some guidelines regarding this in the year 1994. In this it was told what is the limit for keeping gold for different members of the family. Although gold can be kept more than this limit, it will be necessary to disclose its sources as per the guidelines. Yes, if you have a valid purchase slip and document, then you can buy and keep any amount of gold.
What is the limit for daughters?
The Income Tax Department had set a limit for women to keep gold in their guidelines. Under this guideline, if an unmarried woman can keep 250 grams of gold or gold jewelery with her without any document. The Income Tax Department will not have any problem regarding this nor will it ask for any document. But, if an unmarried girl has more than 250 grams of gold, then she will have to declare her source of income. If you fail to disclose the source, the Income Tax Department can confiscate this gold.
How much gold is allowed to be kept after marriage
The Income Tax Department has doubled the limit for women to keep gold after marriage. This means that a married woman can keep up to 500 grams of gold or gold jewelery with her. To this extent, he will neither need to disclose any source of income nor will have to provide any purchase slip. However, if the limit exceeds this, then its source will have to be disclosed and if unable to do so, the Income Tax Department can confiscate this gold or jewellery.
What is the limit for men?
This limit has been kept even lower for male members of the family. According to the guidelines of the Income Tax Department, the limit of gold or jewelery for men has been kept at 100 grams. In this way, if we look at the limit of the entire family, then the limit of gold or gold jewelery is 500 grams for the wife, 250 grams for the daughter, 100 grams for the son and 100 grams for the husband. In this way, the limit of gold jewelery in a family of 4 members will be only 950 grams. For more than this, the source of income will have to be disclosed, otherwise the department can confiscate it.
