In India, it's a tradition to buy gold, especially during festivals, as it is considered highly auspicious.
Are you aware of the maximum amount of gold you can safely store in your home? Is there a defined limit for this?
The Central Board of Direct Taxes (CBDT) set forth certain guidelines concerning gold back in 1994.
As per CBDT rules, the gold possession limit is 500 grams for married women, 250 grams for unmarried women, with no proof required.
CBDT established these rules to provide individuals with relief from seizures during income tax investigations.
If you receive gold or gold jewelery worth more than Rs 50,000 as a gift, it will be taxed at slab rates under IFOS.