There is a perception among Indians about gold that they can buy unlimited gold.
Investment in gold is the most preferred option in India. Investing in gold is seen as a better option among Indians, but you should be aware that you can get into trouble if you buy more gold than a certain limit.
New Delhi. Investment in gold is the most preferred option in India. Investing in gold is seen as a better option among Indians and is considered to be quite safe. But you should be aware that you can get into trouble if you buy more gold than a certain limit. Actually, according to the guideline of the Central Board of Direct Taxes (CBDT), gold should not be bought beyond the prescribed limit. According to the Income Tax Department (Income Tax Departmen), if you buy gold, it is important that you give information about it in the income tax return. According to the guideline, you can be questioned under Section 132 of the Income Tax Act if there is no invoice for the purchase of gold beyond the specified limit. Know how much gold a man can keep? According to income tax rules, if someone gives valid source and proof of where the gold came from, then he can keep as much gold as he wants in the house, but if someone wants to keep the gold in the house without telling the income source, then there is a limit to it. . According to the rules, 500 grams, unmarried women 250 grams and men only 100 grams of gold can be kept in the married woman’s house without giving any income proof. Income tax department will not confiscate gold jewelery if gold is kept in the house within the prescribed limit in all three categories. Also read- India’s largest private bank will change! Know what will be the effect on customers?Know what the rules say The CBDT issued a statement on 1 December 2016 clarifying that if a citizen has a valid source of gold, including inherited gold, and can provide proof of this, the citizen can keep any number of gold jewelery and ornaments. is. Also read- Big shock to customers! This bank reduced interest rate on savings account by 2%, new rates apply from today
The notion of buying unlimited gold in Indians People in India get gold from their ancestors and relatives without invoicing. If someone gets gold jewelery below Rs 50000 as a gift or gold, gold jewelery and ornaments in inheritance / will, then they are not taxable, but in such a case one has to prove that this gold is gifted or inherited It is found in the information. People believe that it is not a problem to keep gold with the invoice but it should be given at the time of filing income tax return. There is a perception among Indians about gold that they can buy unlimited gold.