If you’re wondering how much gold you can store at home and how to go about buying it, this article will provide you the Secrets for Storing Gold at Home. Additionally, be aware of the tax that must be paid when selling gold.
Regarding the buying and storage of gold in India, the government has established several regulations. Know the maximum amount of gold you can store at home. A married woman is permitted to carry 500 grams of gold.
Understanding the Secrets for Storing Gold at Home
- The Central Board of Direct Taxes (CBDT) states that the quantity of gold that may be held at home must be valid. Whatever gold you own, there should be evidence proving how it was obtained.
- A married woman is permitted to carry 500 grams of gold. For single ladies, a maximum of 250 grams of gold is allowed. The family’s male members are only permitted to keep 100 grams of gold.
- Gold will not be subject to tax if you legally acquired it or inherited it from a source that is not subject to tax (such as from farming). In the event of a raid, the authorities are prohibited from taking any gold ornaments found inside the set boundaries.
- Gold is not subject to taxation when it is kept. You must undoubtedly pay tax on gold if you sell it.
- The profit will be added to your income if you sell the gold within three years of purchasing it. Income tax will be charged in accordance with the designated tax bracket.
- The profit will be subject to long-term capital gains (LTCG) tax if you sell gold after keeping it for three years. Its percentage is 20%.
- If you can sell the Sovereign Gold Bonds (SGB) within three years, the profit will be added to your income and taxed at the appropriate rate based on the tax bracket. The profit will be taxed at a rate of 20% with indexation and 10% without indexation if sold after three years. There won’t be any taxes applied to the profit if you hold the bond until it matures.
