The Central Board of Direct Taxes sets operational benchmarks that generally shield 500 grams of gold jewellery for married women, 250 grams for unmarried women, and 100 grams for male family members from search seizures. Possessions exceeding these specific amounts are not automatically illegal, provided the taxpayer furnishes acceptable proof such as disclosed income or purchase bills. Officers must review legitimate documentation with higher authorities before taking action against excess holdings. Crucially, these administrative seizure protections apply exclusively to jewellery and ornaments, entirely excluding unexplained gold coins or bullion.
Key points
Individuals face no legal restrictions on gold jewellery quantities at home if legitimate…: Individuals face no legal restrictions on gold jewellery quantities at home if legitimate acquisition sources are verified.
The specified administrative weight limits serve as operational seizure buffers rather th…: The specified administrative weight limits serve as operational seizure buffers rather than statutory tax exemptions.
Protection against search seizures strictly covers jewellery and ornaments while excludin…: Protection against search seizures strictly covers jewellery and ornaments while excluding gold bars, coins, and bullion.
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Dhanteras and Diwali are festivals when people buy gold jewellery, coins, bars, etc. Some people buy them in small quantities, while some buy them in large. However, when you buy a precious metal like gold in large quantities, two questions that can strike your mind are: Is there a limit to the amount of gold that I can keep at home? Can the Income Tax Department seize gold if it is in large quantities?
Chartered accountant Chintan Ghelani, partner, direct tax, N.A. Shah Associates LLP, told ET Wealth Online about the gold quantity one can keep at home and when the Income Tax Department can seize gold.
How much gold can I keep at home?
There are no prescribed limits as to how much gold and silver you can keep in your home, but there is a CBDT internal guideline for income tax officers as to how much gold they should not seize during an income tax search or raid operation.
Also Read: Physical gold vs gold ETF: Which can be more tax-efficient for investors?
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