By Admin 
The speed at which gold prices are increasing has suddenly turned the cupboards of many houses into safes worth crores. Those families who have ancestral jewelery or whose bills have been lost years ago, have a fear in their minds that if they keep too much gold then they may get raided by Income Tax? Will unbilled gold be confiscated? It is very important to know the answers to these questions today.
Concern increased with rising gold prices
In recent times, gold prices have reached record levels. In such a situation, the value of the families who have jewelery stored for years has now gone from lakhs to crores. This is the reason why people are worried that they might face legal problems if they keep too much gold. Especially when the jewelery bills are not present.
Is it illegal to keep unbilled gold?
First of all, it is important to understand that keeping unbilled gold is not illegal in itself. Income tax laws have been made not to harass common citizens, but to curb black money. If the gold you possess was purchased legally, inherited or received as a family gift, it is not considered illegal merely because it does not have a bill.
What are the income tax rules?
The rules say that if a person can explain that his gold comes from legitimate income, then there is no bar on keeping it. The Income Tax Department has also set a fixed limit, within which there is no need to disclose any source if gold is kept. These limits have been set keeping in mind the traditions of Indian society.
Limit fixed for women and men
According to income tax rules, a married woman can keep gold jewelery up to 500 grams. For unmarried women this limit has been fixed at 250 grams. Whereas men can keep gold jewelery up to 100 grams. This quantity is personal and is viewed as home use jewelry, not as investment or trading stock.
How much gold is legal for a normal family
If we talk about a normal Indian family, which consists of husband, wife and an unmarried daughter, then a total of 850 grams of gold is legally acceptable for them. This includes 500 grams for the wife, 100 grams for the husband and 250 grams for the daughter. The special thing is that it is not necessary to show any kind of bill for this quantity, provided the jewelery is for domestic use only.
How much does this cost in rupees?
According to today’s 22 carat gold prices, after adding making charges, the price of 850 grams of gold can be around Rs 1.07 crore to Rs 1.2 crore or even more. This means that if you have gold worth so much in your house, it can still be considered completely legal, even if you do not have its bills or any proof.
What are the rules in case of HUF
No fixed limit of gold has been set for Hindu Undivided Family i.e. HUF. Here the quantity of gold is assessed on the basis of family income, social status and traditions. If the family proves that the gold is commensurate with their income and status, then usually there is no problem.
what happens during a raid
These fixed limits are applicable only to that family against which income tax search action is taken. If during the raid, jewelery is found in the house which does not belong to the family members or to which there is no clear connection, then it can be confiscated. Therefore, it is important that the ownership of the gold kept in the house is clear.
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