Dhanteras 2021: Festive season is going on, today is also Dhanteras. In such a situation, if you are preparing to buy gold, then definitely read this news once. It should not happen that you have made a heavy purchase of gold and the notice of income tax reaches your home.
By the way, if you want to buy gold, can you tell where did the gold come from? If you can give valid source and proof of this, then you can keep gold at home as much as you want. But if you want to keep gold in the house without revealing any source of income, then there is a limit.
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According to the rules, married women can keep 500 grams of gold, unmarried women 250 grams and men only 100 grams of gold without providing income proof. The Income Tax Department will not confiscate gold jewelery if gold is kept in the house within the prescribed limit in all three categories.
Know what is the rule for keeping gold more than the limit
On the other hand, if gold is kept in the house more than the limit fixed for different categories of people, then it will be necessary to give income proof to the person. Where did the gold come from in this, this proof will have to be given to the Income Tax Department. The CBDT issued a statement on December 1, 2016 that if a citizen has a valid source of gold available with him, including inherited gold, and he can prove it, then the citizen can keep any amount of gold jewelery and ornaments. .
Information to be given while filing income tax return
If someone’s annual income is more than Rs 50 lakh, then there should be no difference between the declared value of jewelery and their original value in the Income Tax Return or ITR file. Otherwise you will have to explain the reason for it.
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Know the tax rules on the purchase and sale of physical gold
According to media reports, 3 percent GST has to be paid on the purchase of physical gold. On the other hand, if we talk about tax, then the tax liability on selling physical gold by the customer depends on how long you have kept them with you. If the gold is sold within three years from the date of purchase, any gains arising from it will be treated as short-term capital gains and will be added to your annual income and tax will be calculated as per the applicable income tax slab.
Conversely, if you decide to sell gold after three years, the proceeds will be treated as long-term capital gains and will attract a tax liability of 20 per cent. Along with indexation benefits, 4% cess and surcharge will also be applicable.
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