How Much Gold Can a Woman Buy? Do You Know the Rule of Government
Section 132 of the Income-tax Act 1961 states that the Income-tax authorities have the power to seize jewelery, bullion and other precious metals during investigations. They will be surprised to know how much gold a woman can keep or buy as per the government rule. A married woman can keep a maximum of 500 grams of gold. While an unmarried woman can keep 250 grams of gold. While a male can hold 100 grams of gold.
It is not appropriate to keep gold as jewelery as per government rule. But you need to show money to buy it.
If they have inherited jewelery. So you need to show his will. According to the Central Board of Direct Taxes (CBDT) in the year 2016, the government allows you to keep gold if you can prove the inheritance of the gold you have received.
What is the rule of Income Tax Act?
Narayan Jain, a tax consultant, says the gold holding limits are for those who do not file IT returns. If you cannot prove the gold you inherited, the IT officer can confiscate your gold. In addition, according to the new rule for the year 2019, if you can buy more than 50,000 thousand gold, you have to give a mandatory PAN card. And everyone who buys gold has to give a receipt.