The limit of gold is as following:
(a) Unmarried Ladies : 250 Gms
(b) Married Ladies : 500 Gms
(c) Male : 100 Gms
It may be recalled that CBDT, in its press release dated 01 December, 2016, had clarified that there is no limit on holding of gold jewellery or ornaments by anybody provided he is able to explain the source of such investment. However, in case any search is conducted for the taxpayer, the tax officials can confiscate the gold and/or jewellery if it is found that the investment is not in line with the income level of the assessee as reported in his past tax returns. It is clear, thus, that if the investment in gold or jewellery is in line with the income of the taxpayer and/or the taxpayer is able to explain the source of that investment/inheritance, he has no reasons to worry.
Generally the tax invoice issued by a jeweler is the best proof of your investment in gold. However, “in case of inheritance or gift you can produce proof such as receipt in the name of original owner, family settlement deed, Will, gift deed, etc. If you don’t have any such document, then the officer will try to match it based on factors such as family social status, customs, traditions, etc., but then it goes to the discretion of the tax officer.
Looking to make money in Indian stock market; do consider check hot stock for tomorrow and start making money like professionals.
