Whether it's festivals or any other occasions, gold is considered an evergreen investment in Indian homes and proves useful in emergencies.
For long, India has been one of the largest importer of yellow metal. Almost every family in the country at least has some quantity of gold in the form of jewellery and sometimes coins and gold investment plans. Besides its financial value, gold is treated as an epitome of good fortune and wealth in our country.
However, there is a certain limit on how much gold you can keep at home. This is where it becomes important to understand the gold limit in India.
If you want to know how much gold you can keep at home, this article for you. We will discuss all the rules and regulations regarding the storage of this precious yellow metal at home.
What is the Gold Limit Per Person in India?
According to the Central Board of Direct Taxes (CBDT), gold purchases made with revealed income sources and exempted revenue such as agricultural income, legally inherited money that could be explained, and a reasonable amount of household savings will not be taxed.
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Following is the allowed gold limit per person in India
Government Rules on Gold Ownership| Category | Allowance |
|---|---|
| Unmarried Woman | 250 grams |
| Unmarried Man | 100 grams |
| Married Woman | 500 grams |
| Married Man | 100 grams |
Note that income tax officials can not take gold jewellery from your home during the search operations if the quantity is within the allowed bracket.
In addition to ensuring the security of your gold, it's essential to understand the government rules regarding storing the precious metal at home.
Gold Allowance for Married and Unmarried Women
A married woman is permitted to possess up to 500 grams of gold. For unmarried women, the allowed quantity is 250 grams, as reported by Kotak Life.