CA Sakchi Jain Instagram – There is no limit on how much gold jewellery you can keep at home, provided you can explain the source of income that allowed you to buy or invest in case of an Income tax investigation.
However, there are also some limits on the amount of unaccounted gold jewellery that can be kept at home without any tax troubles.
According to the Central Board of Direct Taxes (CBDT), the limits for holding gold jewellery and ornaments without showing any proof are:
* Married woman: Up to 500 grams of gold
* Unmarried woman: 250 grams of gold
* Men: Only 100 grams of gold
If the assessee has gold which is above this limit fails to provide an explanation or the explanation given is not satisfactory, then the same shall be taxable under section 69B at the rate specified in 115BBE of the Act. The rate specified is 60% plus a surcharge of 25% Plus an HEC of 4% and a penalty of 10% on such tax (which amounts to 78%)
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#gold #goldjewellery #incometax #incometaxdepartment #raid #casakchijain | Posted on 09/Mar/2024 20:25:52
