Income Tax News: Is there a cap on the amount of cash you can keep at home, and what about gold? This news may be helpful to you if you also wish to know the answers to these queries. During the raid by the Income Tax Department at the residence of Congress MP Dheeraj Sahu, a substantial quantity of cash was found. More than Rs 290 crore worth of cash has been taken so far. In addition, jewellery has also been discovered. How much money and gold can a person keep in his home is the question. Let us tell you about it.
Cultural Significance of Gold in India
Let’s start by discussing gold. Indians are particularly attached to gold; it is more than just a metal to them; from investment to tradition, it is trusted and preferred. There is a cap on the amount of gold that can be kept at home. The Central Board of Direct Taxes, or CBDT, has certain regulations. which states that this cap varies depending on the category.
Gold Allowance for Married Women
A married woman is permitted to keep 500 grammes of gold on her person. A single woman is allowed to keep up to 250 grammes of gold on her person. A man is allowed to keep up to 100 grammes of gold, married or single. You are still allowed to keep gold above this amount, but you must be able to explain where you obtained it.
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