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How Much Gold Jewellery Can You Keep In India?
How much gold can Married women, Un-Married women or men keep in India? Check gold limit.
How Much Gold Jewellery Can You Individually Keep?
As per Central Board of Direct Taxes (CBDT) 1994 circular, there is an authorised threshold for keeping Gold Jewellery And Ornaments. For such authorized threshold for keeping gold individually, no proof of investment is required.
Threshold For Possessing Gold
The CBDT circular has prescribed limits for the quantity of jewellery and ornaments that people can possess or keep as individuals
Authorised Limit For Possessing Gold Individually
Married women are allowed to keep or possess up to 500 grams of gold
Unmarried women are allowed to keep or possess up to 250 grams of gold
Men are allowed to keep or possess up to 100 grams
Gold Purchase Transaction Limit
If you purchase gold worth Rs 2 lakh or above, you will have to furnish your PAN card details and this is mandatory under Section 114B of the Income Tax Rules
Gold Purchase: Cash Transaction Limit
You can buy gold up to Rs 2 lakh only with cash, an amount exceeding this has to be paid through card or cheque along with PAN card details
Gold Purchase: Per Day Cash Transaction Limit
Under section 269ST of the Income Tax Act, you cannot do cash transactions exceeding Rs 2 lakh in a day for purchasing gold
Gold Purchase: Income Tax For Cash Transaction
Purchasing gold for amount more Rs 2 lakh in cash in a single day, is subject to penalty equivalent to the cash transaction amount under Section 271D of the Income Tax Act.