Tax on Gold Jewellery Holdings – How much GOLD one can hold?

Tax on Gold Jewellery Holdings – How much GOLD one can hold?

https://cleartax.in/s/gold-jewellery-holdings-limit-taxation

CBDT has clarified the prescribed quantity of gold considered allowable. Gold within this limit will not be seized even at the time of search at the assessee’s premises.

A married woman can have up to 500g of gold. (62.5 poun)

An unmarried woman can have up to 250g of gold. (31.25 poun)

A man can have up to 100g of gold. (12.5 poun)

Even a higher quantity of gold may be left unseized based on the assessing officer’s discretion. Factors such as family customs and traditions can be considered for such a decision.

It is important to note that the limits prescribed above apply only to jewelry held by members of the family. In the case of jewelry found belonging to any other person, the same can be seized and confiscated.

It's time that the family members consult lawyers or a notary while gifting gold to the bride or bridegroom and create a legal gift deed documents to establish the transfer of the gold gift from family members, relatives during functions like Marriage, Ear-Piercing Ceremony, Puberty Function, Birthdays and any other functions during which gold is gifted, along with the original receipts.

Subsequently after marriage the husband and wife go on invest or purchase gold for their own use. As per IT act we need to retain these receipts and produce them in case of any clarification required or raid.

Isn't time the Gold Invoices are uniquely numbered by the Sellers and so that the buyers can anytime get the invoice by logging into a common portal to retrieve the bill?

Most invoices today generated by the retailers are paper bills that means the buyers has to safely retain them for further warranty claims to prove their are the owners in case of any altercations or to indicate that they are the owners bought with their known source of income so that they establish the same during an Income Tax Raid by IT Department.

Options for the Buyers

1. Retain the physical copy of the bills (the print and the paper may not last long as years pass wear and tear happen, the prints might fade)

2. Capture a picture of it and upload in their personal Cloud space like Google drive or maintain in hard-drive

3. Let the Seller retain the invoice in their cloud space and the buyer can retrieve the bill when required by provide his or her name along with PAN ID and Aadhaar ID.

4. Let their be a common portal and cloud space where the seller can upload the invoice that can be used by the buyer and seller to transact. For (.eg) the Seller uploads the bills, the buyer demands the seller to upload the bill, the buyer verifies the existence of the bill with his PAN ID and Aadhaar ID, the IT department or the buyer can retrieve them at will to validate their ownership and to establish the ownership, bought with their known source of income during an IT raid by IT department.

Time that we as a society become more aware of the legal implications of the transactions that we make...

Now, I also need to ACT.