Fortunately, there is no limit to the amount of gold bars a person can acquire and own. There are no laws prohibiting anyone from buying as many gold bars as possible. You can hold as many gold ingots as you can afford and buy, or you can open a Gold Investment Account to manage your gold investments. According to the instructions, income tax officials will not confiscate gold ornaments weighing up to 500 grams for a married woman. The same limit is 250 grams for a single woman.
For men, whether married or single, the CBDT has prescribed a lower limit of 100 grams for each male member of the family. First of all, there is no limit. You can store any amount of gold. The government has only said that if it finds a ton of gold with you, it will ask you how you got it.
You can hold up to 500 grams, no questions asked. The other one, let's say 99500 kilos, if you can prove that you inherited it from your father or grandfather, you can put up with it. This is no different than asking how you got 2.5 lakh rupees in cash. The government doesn't say you can't have more than 2.5 lakh rupees in cash.
It asks you to simply explain where it comes from. Women can bring tax-free gold in the form of jewelry not exceeding rupees. The limit is limited to Rs. This is only allowed if the person has lived in the United States for more than one year.
The maximum amount of gold you can own without exceeding it is 500 troy ounces (a little over 21 pounds) of pure gold. What this circular says is that income tax officials cannot confiscate gold jewelry up to the specified limit, even if family income and status in society do not justify the possession of so much gold jewelry and ornaments. Somasundaram PR, director general of the World Gold Council for India, talks to Pragya Singh about the gold market and demonetization and about why it's difficult to regulate gold with restrictions. Because you don't mark to trade gold on a daily basis; if you bought gold today and its price drops tomorrow, it doesn't say: Oh, I wish I hadn't bought gold, I lost money.
For those who want to invest in gold bars, you can purchase the 1-ounce American Eagle gold bar from Grays Silver. In India, we had the Gold Control Act of 1968, which prohibited citizens from owning gold beyond a certain amount. The United States government only places restrictions on the amount of gold that can be exported to other countries due to the Gold Standard Act of 1933. The CBDT instruction applies only to gold jewelry and not to gold in any other form or to jewelry of another nature, such as jewelry with diamonds, precious stones, etc. Therefore, investing in gold is a good way to invest in the future, since gold will be more valuable when the US dollar loses value.
Although some higher courts have ruled that possession of gold jewelry within specified limits cannot be added to taxpayer income, I still think that, although income tax officials cannot seize and leave the jewelry, after making a search and registration of gold jewelry, I may still have to explain the origin of those jewelry, otherwise the matter could result in litigation. However, this did not last long because in 1971 President Richard Nixon ended the convertibility of U.S. dollars into gold and created a fixed exchange rate between paper money and gold. To make it more attractive, it's time to address the passion for gold and, at the same time, get clear accounts of who buys it and ensure that gold is in the hands of institutional actors who use it productively.
Although there is no limit to owning gold jewelry or ornaments, but to avoid disputes and ensure uniformity, the Central Board of Direct Taxes (CBDT) issued an instruction for its officials on May 11, 1994, under which it ordered its officials not to confiscate any gold ornaments or jewels up to a certain limit depending on the sex of the person and whether one of the family members of Was the assaulted person married or not. .