Women will now be allowed to retain a certain amount of gold in their homes; see details

 Women will now be allowed to retain a certain amount of gold in their homes; see details

Gold Limit: In India, purchasing gold during festivals is seen as fortunate. Many individuals want to have gold in their houses, whether it be in coins or jewelry. In light of this, we will explain in today's news how much gold you may retain in your home based on a government decision.

Gold Rate: The value of gold, a precious metal, has been rising throughout time. In India, purchasing gold during festivals is seen to be good. Many individuals want to have gold in their houses, whether it be in coins or jewelry. But there are also government regulations that must be adhered to in order to retain gold at home. You are also not allowed to retain more gold at home than a certain quantity. Tell us about the laws in your country governing the possession of gold at home.

Golden

The Central Board of Direct Taxes (CBDT) states that an individual is free from taxation if he has disclosed income, exempted income (such as income from agriculture), bought gold with qualifying household funds, or lawfully inherited money. gonna be. The regulations also provide that, as long as the amount is within the allowed range, authorities are not permitted to remove gold jewelry or decorations from a home when conducting a search.

I'll let you retain this much gold.

Government regulations state that a married woman may own up to 500 grams of gold, an unmarried woman may possess up to 250 grams, and male family members may possess up to 100 grams of gold. "Aside from this, it is completely safe to legally possess any amount of jewelry," the guidelines say. This implies that as long as gold is acquired via legitimate ways of funding, there is no restriction on how much of it may be stored.

Tax

On the other hand, if gold is sold after being owned for more than three years, the sale profits will be subject to Long-Term Capital Gains Tax (LTCG), which is charged at a rate of 20% with indexation advantage. However, if you sell the gold within three years of buying it, the profit is included in your income and is subject to taxation based on your specific tax bracket.

An opulent gold bond.

On the other hand, if you sell a Sovereign Gold Bond (SGB), the profit will be included in your income and subject to taxation based on the tax bracket you choose. After three years of ownership, SGBs may be sold for a gain that will be taxed at a rate of 10% without indexation and 20% with indexation. Gains are not subject to taxation, particularly if the bond is kept until maturity.