InvestorQ : How much gold can an individual hold legally at home?
Mahima Roy made post

How much gold can an individual hold legally at home?

Answer
user profile image
priya Shah answered.
1 month ago


There are two ways to approach this question-

Gold an individual can hold without proof of income.
Gold an individual can hold with proof of income.

Without proof of income:
A married woman can own up to 500 grams of gold while an unmarried woman can own up to 250 grams of gold at home without providing any justification of the source of proof of income. Similarly, male members of a family are allowed to hold up to 100 grams of gold at home without income justification. In other words, the Income Tax department will not seize gold in any form without proof of income as long as these parameters are adhered to. In any scenario, if an individual’s personal gold holdings go above these specific parameters, the IT department can seize their assets.

With proof of income:
If an individual can provide proof of income and the justification to the gold purchases, then there is no limit that they need to adhere to, no matter the category. In a press release by the Central Board of Direct Taxes (CBDT) in 2016, the department clarified that there is no limit to holding gold in jewellery or any other form provided it is acquired from explained sources of income, which includes inheritance. Proof would include tax invoices and/or investment proof. For inheritance proof, you could provide documents like Will, family settlement deed, or special gift deed specifying transfer to the owner.


user profile image
karan dixit answered.
1 month ago


A married woman can have up to 500 grams of gold
An unmarried woman can have up to 250 grams of gold
A man can have up to 100 grams of gold