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How much Gold Jewellery and Ornaments you can hold legally without proof?


As per many High Court Judgements, & CBDT Instruction No 1916

Married Women – 500 grams
Unmarried Women – 250 grams
Male Member – 100 grams

For example, in a family consisting of a Father, Mother, Married Son & his Wife and unmarried Daughter, total 5 members can hold
2 Married Women – 500 *2 = 1000 gms
2 Male Member – 100*2 = 200 gms
1 Unmarried Women = 250*1 = 250 gms
Total = 1450 gms of Gold Jewellery

The CBDT guidelines in Instruction No 1916 define the limits for Search operation and seizure and not for assessment, however, various High Court rulings considering Indian Traditions and Customs are of the opinion that such holding found in possession will not be questioned for its source and acquisition. 

The quantities specified in the instruction are to be treated as reasonable and therefore explained and should not be the subject matter of additions during assessments

As per Hindu Tradition, gold is given as streedhan or inherited via Will or else received as gift during marriage or other occasions as customary practice since time immemorial. Many times the invoice or proof of buying is not available. In such cases, the limits as mention above can be assumed as reasonable as per Hindu traditions and the status of the family. 

Note the above limits are applicable only for Gold Jewellery in form of ornaments and not for Gold coins or bars.

Further, there is no ceiling or limit upto which you can own Gold Jewellery and Ornaments or Gold Coins or Bars provided it is acquired from the explained source of income and inheritance (Eg proof like bills and Will), meaning legitimate holding of Gold to any extent is permissible and protected

#Tax #GoldTax #Gold #GoldHolding

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