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Gold Storage Limit - How much gold can you keep at home ?

you are not required to be worried too much. CBDT has<br>made the clarification in this regard according to which any Indian citizen can<br>hold the following quantity of gold jewelry and ornaments<br>Read full blog post at Taxwink.com

PreetiAgarwal
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Gold Storage Limit - How much gold can you keep at home ?

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  1. Gold Storage Limit - How much gold can you keep at home ? The present NDA government led by Sh. Narendra Modi is quite aggressive against black money & trying hard to cultivate a cashless economy. A large volume of black money is hidden by tax evaders in the form of investment in properties and gold jewellery. Therefore, the Income Tax Department is ought to question the gold jewellery found at the time of income tax raids. So, naturally a question comes to our mind that whether there is any limit of holding gold jewellery which will go Department at the time of raids or surveys. The answer to this question is “Yes”. undoubted by the Income Tax Firstly, there is no limit on the quantum of gold jewellery or ornaments a citizen of India can own and hold. However, he/she must be able to explain the source of investment in such gold jewellery when asked to do so. If you are having valid invoices or sources substantiating the investment in gold jewellery, the Income Tax Department can not take any coercive actions against you.

  2. Now, the next question strikes to our mind “What if we are not able to explain the source of investment in gold jewellery and fails to produce invoices of gold jewellery?” Even in this case, you are not required to be worried too much. CBDT has made clarification in this regard according to which any Indian citizen can hold the following quantity of gold jewellery and ornaments: GOLD RETENTION LIMIT CBDT has clarified that if any person is found to hold gold jewellery or ornaments up to the limits given above, it will not be seized even if prima facie it does not seem to be matching with the disclosed income records of that person. So, if you have gold jewellery/ ornaments to the extent of above limits, you need not be worried about the source of acquisition of such gold jewellery & need not be afraid of income tax raids. Read full blog post at Taxwink.com Income Tax Return Filing : The user can fill the IT Return in 2 ways 1. Offline: Download the applicable ITR, fill the form offline, save the generated XML file and then upload it.

  3. 2. Online: Enter the relevant data directly online at e-filing portal and submit it. Taxpayer can file ITR 1 and ITR 4 online. If you are not able to submit an Income Tax Return in any of the above ways, You can take help of any Income Tax Return Filing Expert. TaxWink is fast, safe, and easy for ITR E-filing.

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