Gold Storage Limit - How much gold can you keep at home ? (1)

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Gold Storage Limit - How much gold can you keep
at home ?

• The present NDA government led by Sh. Narendra
  Modi is quite aggressive against black money
  trying hard to cultivate a cashless economy. A
  large volume of black money is hidden by tax
  evaders in the form of investment in properties
  and gold jewellery. Therefore, the Income Tax
  Department is ought to question the gold
  jewellery found at the time of income tax raids.
  So, naturally a question comes to our mind that
  whether there is any limit of holding gold
  jewellery which will go undoubted by the Income
  Tax Department at the time of raids or surveys.
  The answer to this question is Yes.
• Firstly, there is no limit on the quantum of gold
  jewellery or ornaments a citizen of India can
  own and hold. However, he/she must be able to
  explain the source of investment in such gold
  jewellery when asked to do so. If you are having
  valid invoices or sources substantiating the
  investment in gold jewellery, the Income Tax
  Department can not take any coercive actions
  against you.

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Now, the next question strikes to our mind What
if we are not able to explain the source of
investment in gold jewellery and fails to produce
invoices of gold jewellery? Even in this case,
you are not required to be worried too much. CBDT
has made clarification in this regard according
to which any Indian citizen can hold the
following quantity of gold jewellery and
ornaments GOLD RETENTION LIMIT
CBDT has clarified that if any person is found to
hold gold jewellery or ornaments up to the limits
given above, it will not be seized even if prima
facie it does not seem to be matching with the
disclosed income records of that person. So, if
you have gold jewellery/ ornaments to the extent
of above limits, you need not be worried about
the source of acquisition of such gold jewellery
need not be afraid of income tax raids. Read
full blog post at Taxwink.com Income Tax Return
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2. Online Enter the relevant data directly
online at e-filing portal and submit it. Taxpayer
can file ITR 1 and ITR 4 online. If you are not
able to submit an Income Tax Return in any of the
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Return Filing Expert. TaxWink is fast, safe, and
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