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The maximum amount of money and gold that can be kept in the house!
Posted on: 04/Aug/2022 11:02:54 AM
The Central Department of Income Tax has fixed the maximum quantity of gold/gold jewellery that can be kept in a house of married women, unmarried women, and men!
In a notification released by the Central Department of Income Tax regarding this, it is mentioned:
- Married women can keep a maximum of 62.5 Sovereigns of gold/jewellery.
- Unmarried women can keep a maximum of 31.25 sovereigns of gold jewellery.
- Men will be permitted to have a maximum of only 12.5 sovereigns of gold jewellery!
This allowed quantity of gold jewellery is applicable for the family members only!
In case gold jewellery of more than the above fixed maximum limits is found in the house, the Income Tax Officials can confiscate the same!
It is left to the discretion of the visiting Income Tax official to decide whether to confiscate the excess jewellery or not when the family cites the explanation of the family tradition, etc.!
As regards, most families keep all their gold jewellery in a single locker!"
Further, the Income Tax Department has added: However, there are possibilities where the Income Tax officials may perceive it wrong! Hence, it is advisable to keep the gold jewellery belonging to rach members of the family in separate lockers! With this, it will avoid any such confusion leading to confiscation!
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