How Much Gold Jewellery Can You Individually Keep? 10 Key Things

1. Threshold For Possessing Gold

As per Central Board of Direct Taxes (CBDT) 1994 circular, there is an authorised threshold for keeping Gold Jewellery And Ornaments

2. Authorised Limit For Possessing Gold Individually

For such authorized threshold for keeping gold individually, no proof of investment is required

3. CBDT Limit For Gold Possession Individually

The CBDT circular has prescribed limits for the quantity of jewellery and ornaments that people can possess or keep as individuals

4. How Much Can Gold Can Married Woman Possess?

Married women are allowed to keep or possess up to 500 grams of gold

5. How Much Can Gold Can Unmarried Woman Possess?

Unmarried women are allowed to keep or possess up to 250 grams of gold

6. How Much Can Gold Can Men Possess?

Men are allowed to keep or possess up to 100 grams

7. Gold Purchase Transaction Limit

If you purchase gold worth Rs 2 lakh or above, you will have to furnish your PAN card details and this is mandatory under Section 114B of the Income Tax Rules

8. Gold Purchase: Rule Under Section 114B

You can buy gold up to Rs 2 lakh only with cash, an amount exceeding this has to be paid through card or cheque along with PAN card details

9. Gold Purchase: Rule Under Section 269ST

Under section 269ST of the Income Tax Act, you cannot do cash transactions exceeding Rs 2 lakh in a day for purchasing gold

10. Gold Purchase: Cash Transaction Limit

Purchasing gold for amount more Rs 2 lakh in cash in a single day, is subject to penalty equivalent to the cash transaction amount under Section 271D of the Income Tax Act.