By: Swati Raina
Money Guru: Buying gold on any auspicious occasion is considered good. On Akshaya Tritiya, buying gold is considered even better. How much gold can you keep in the house? When can’t jewellery be confiscated? Which gold is taxed? If you get gold as a gift from your family, what is the tax on it? Know the answer to every question related to the tax on gold from tax expert Sunil Garg.
How much gold can you keep in the house?
There is no limit on keeping gold or silver in the house. You can keep as much jewels as you want in your home. However, for this, you need to specify the source of your income. The CBDT has fixed this rule from January 1, 2016.
There was a time when under the Gold Control Act 1968, there was a limit on keeping gold in the house. This limit was abolished in 1990.
When can’t jewellery be confiscated?
500 grams of jewellery possessed by any woman will not be confiscated in the IT raids. Up to 250 grams of gold possessed by an unmarried woman will not be confiscated. Gold jewellery up to 100 grams possessed by a man will not be confiscated by the IT department. If you have disclosed the source of income for your jewellery, then it cannot be confiscated. There is no tax on gold and silver utensils kept in the house.
How to keep track of jewellery?
If you have jewellery more than the limit in the house, then definitely get the valuation of the jewelry done by a registered valuer. It is important to keep track of all your jewellery. Make sure to have an income source for buying jewellery. If you get jewellery in marriage or will, then keep its papers with you.
Wealth tax on jewellery?
The Wealth Tax Act was abolished in the 2016 Union Budget. Since then there is no wealth tax on jewellery.
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When to give information about jewelry in ITR?
If your taxable income is more than Rs 50 lakh, then you will also have to provide information about jewelry in your ITR. In such a situation, always keep the information about your jewelry with you. Keep the receipt for the jewelry. You have to share this information when asked by the Income Tax Department.
Which gold is taxed?
There is no tax on gold received in marriage. Gold whether received from relatives or friends is not taxable. If you sell gold, then capital gains tax is levied on it. If you hold gold for less than three years then Short term capital gains tax will be applicable on it whereas long-term capital gains tax is applicable if you sell it after three years. STCG tax is levied at the rate of 30% on income above 10 lakhs. There is no tax on making new jewelry from old jewelry.
Tax on gold received in gifts?
The jewelry received by the bride at the wedding is not taxed. Gold received from mother-in-law and parents is not taxed. Even if the mother-in-law’s jewelry is inherited, no tax has to be paid.
Can jewelry be confiscated?
The Income Tax Department can confiscate the jewelry if the owner does not reveal the income source of the jewelry in the raid. Tax is also levied for not disclosing the source of the jewelry kept at home. A tax of 138% is levied with the confiscation of jewelry.