In India, gold jewellery is very common. Without gold, wedding shopping in India would be incomplete. There is a sentimental value attached to gold in India. The golden metal represents wealth and success. Indian women like gold jewellery and can never have enough of it. Gold also appears to be a popular investment choice for capital growth for many people. The best aspect of gold is that it is simple to sell in the event of a financial emergency.
What Central Board Of Direct Taxes says about the gold limit?
According to Central Board Of Direct Taxes (CBDT) 01 December 2016 press release, "There is no limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance."
According to the CBDT, a married woman may own up to 500 grams of gold jewellery, an unmarried woman may own up to 250 gram, and a male family member may own up to 100 gram of gold ornaments and jewellery.
CBDT has clarified the prescribed amount of gold that is permitted will not impact the holder. Gold that falls under the prescribed amount won't be seized, not even during a search of the holder's property. No documentation is necessary to invest in and possess the quantity of gold shown below.
However, in the event of a tax investigation, the origin of the gold must be disclosed. As a result, it is always advisable to store the receipts for gold purchases. You can present a copy of the original invoices, the gift or settlement instrument, or the Will or testament if you have inherited gold.