Most of the Indians are obsessed with gold. But are you aware of the restriction on how much gold can you hold even the worth of gold does not match your income status?
How much gold can be held without receipts?
What if govt starts raiding all households in India and demands the proof of how it is bought... want to know?
Often Indians do not keep a track of receipts and proof of how they paid for the gold which is bought long ago. In that case, how much gold can one hold without any proof, even if it does not match income status?
As per Central Board of Direct Taxes (CBDT), this limit is different for a married woman, unmarried women and a man. This might sound strange, but here is a limit..
| A Married woman | 500 gms |
| Unmarried woman | 250 gms |
| A Man | 100 gms |
These above limits include both the inherited and the self-bought gold jewelry. In case of inherited gold also, you need to have the receipts in the name of original owner.
In case you are holding very high amount of gold, just make sure that you have all the valid tax receipts and invoices saved at your end.
The WILL can also act as proof of inheritance, in case the gold you inherited is mentioned in the WILL. Alternatively, one can also submit a family settlement deed, will, or a gift deed stating the transfer of such commodity to you.
On contrary, if there is no such document available, then the officer will analyze your family’s social status, customs, and traditions to come to a conclusion on whether your statement is valid or not and whether to confiscate the amount of gold you are holding or not.
