If you have inherited a lot of gold, then the tax department cannot do anything. However, you will have to provide proof about this.
The auspicious time of weddings is starting from 22 April. On this occasion, gold is purchased on a large scale in our country, because it is considered very auspicious. Today, gold is getting cheaper by Rs. 155. The price of gold on MCX today is 47020 rupees per ten grams. In such a situation, if you are also going to buy gold, then know that how much gold can be kept in the house. If you keep more gold in the house than that limit, then you will have to pay for it, because the income tax department can raid.
Gold is purchased in every auspicious work in our country. Together it is considered a safe haven. That’s why there is a little gold in every house. According to the Central Board of Direct Taxes, CBDT, there is no upper limit to keep gold in the house. A CBDT press note was issued on 1 December 2016 regarding this. Provided that you have sufficient proof from where it was obtained.
If you have inherited a lot of gold, then the tax department cannot do anything. However, you will have to provide proof about this. Now, if you talk about action, according to section 132 of the Income Tax Act 1961, the tax department can seize the secret jewelery you have during the search. If you have valid evidence about these gold jewelery or gold bars, then there is nothing to panic.
According to the Ministry of Finance, everyone can keep gold up to a limit. The Income Tax Department feels that even if its income is not matching in the gold possession, it cannot take action. A married woman can keep a maximum of 500 grams of gold with her. Unmarried women can keep 250 grams of gold with them. Men can keep 100 grams of gold with them.
If more than anyone is found to have gold, then the tax officer has the right to take action. However, the purchase invoice can be withdrawn from the Gold Tax Department by showing the inherited gold paper, gift deed. According to the information available on the IBJA website, the price of 24 carat gold is Rs 46917 per ten grams. At the same time, the price of one kilogram of silver is 68286 rupees.