By Admin 
- The government has increased the import duty on gold by 15%.
- CBDT issued rules for holding gold in 1994.
- Men can keep 100 grams, married women 500 grams, unmarried daughters can keep 250 grams.
- A nuclear family is allowed to keep a total of 950 grams of gold.
Gold News: At present the price of gold is skyrocketing and now the import duty on gold has also increased by 15 percent. In such a situation, many rules regarding buying and selling of gold are being strictly followed. Now those who have excess gold in their homes are worried that their homes might be raided. Those who have ancestral gold or old gold and have lost their bills are justified in being worried. The question is also whether the government will confiscate the unbilled gold? How much gold can be kept in the house? So let us know the answers to all types of questions related to gold from here.
What are the rules for keeping gold?
Let us tell you that how much gold will be there in your house, for this the Central Board of Direct Taxes i.e. CBDT had issued guidelines for this in 1994. In these rules and instructions, different limits for keeping gold were kept for different members of the family. According to this rule, gold is allowed to be kept only up to the prescribed limit and if gold is kept more than the limit, necessary documents will have to be shown, otherwise the Income Tax Department can take action.
You should also be aware that Income Tax is not concerned with the rising or falling price of gold, they only look at how much gold you have i.e. the weight of the gold.
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Rules for keeping gold (weight) at home-
1. Virgin daughters
According to the guidelines of CBDT, unmarried daughters can keep up to 250 grams of gold or gold jewelery without any income or bill documents. If they have more gold than this, they will have to provide documents and proof for the same.
2. Married women
Married women can keep up to 500 grams of gold at home, double that of unmarried daughters. If any married lady has gold up to 500 grams without any bills, then no question arises. If you keep gold or gold jewelery in more quantity than this, you have to provide income certificate and proof of purchase.
3. men
The rules for keeping gold are a little stricter for men. Men cannot keep more than 100 grams of gold with them. Be it your son or husband, if you have more than 100 grams of gold, you will have to show documents (like income certificate, receipt).
Rules for nuclear family-
A small nuclear family consisting of only four people (parents and two children) is allowed to have a total of 950 grams of gold. In this, 500 grams will be with the mother, 250 grams will be with the daughter and 100 grams each will be with the husband and son. If there is more gold in the house than this, then all the documents related to income and purchases should be kept safe. If there is more gold in the house than the prescribed limit, then it should be proved that it is gold purchased from legal income or inherited, so that it will not be considered illegal.
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