How much “Gold” can you hold without any income proof?

Most of the Indians are obsessed with gold. But are you aware of the restriction on how much gold can you hold even the worth of gold does not match your income status?

In this article I will exactly touch base on that

How much gold can you have without receipts?

Have you ever wondered what will happen if govt starts raiding all households in India and demands the proof of how you bought all that gold you have?

Often we do not keep a track of receipts and proof of how we paid for that gold bought very long ago. In that case, how much gold can you hold without any proof, even if it does not match your income status?

As per Central Board of Direct Taxes (CBDT), this limit is different for a married woman, unmarried women and a man. This might sound strange, but here is the limit

A Married woman	500 gms
Unmarried woman	250 gms
A Man	100 gms

What type of proofs is required in case of any enquiry?

These above limits include both the inherited and the self-bought gold jewelry. In case of inherited gold also, you need to have the receipts in the name of original owner.

In case you are holding very high amount of gold, just make sure that you have all the valid tax receipts and invoices saved at your end.

The WILL can also act as proof of inheritance, in case the gold you inherited is mentioned in the WILL. Alternatively, one can also submit a family settlement deed, will, or a gift deed stating the transfer of such commodity to you.

On contrary, if there is no such document available, then the officer will analyze your family’s social status, customs, and traditions to come to a conclusion on whether your statement is valid or not and whether to confiscate the amount of gold you are holding or not.

Comments

Reasons and Rectification of Defective Return Notice U/S 139 (9)

Meaning : Section 139 of the income tax Act, 1961 has provided the limit for every type of assessee who is required to file an income tax return. For filing of the return, every person should comply with the income tax act. Although if he made certain mistakes while filing the return then such return shall be deemed as defective return. In this article, we will discuss all those cases in which a return shall be called a defective return and how to deal with such a defective return notice . A return shall be considered as a defective return unless it has contained all the following documents : Return in the Prescribed form: Department has specified the income tax form as per the type of income and type of assesse. For example: if the person is having a salary income only then he is required to file ITR-1 if he has filed his return in any other form, then such return shall be considered as defective return. Statement of computation of tax payable: ...

TAN Application Online- Procedure of online TAN application

TAN refers to the Tax Deduction Account Number or Tax Collection Account Number. It is a 10 digit alphanumeric number. It can be applied online or offline, the procedure for the new application of TAN is different in both cases but the documentation is the same. In this post, we will discuss the procedure to make the TAN application online. TAN Application Online How to apply TAN online Applicants need to follow the below mention steps- Step 1- Visit NSDL website or click here to visit. Step 2- At the bottom go to apply for a new TAN and select from the dropdown ‘category of Deductors’ Step 3- On doing so the applicant is redirected to Form 49B. Step 4- Fill in the given form. Step 5- Click Submit Step 6- On Confirmation, the acknowledgment screen is displayed which contains the following 14-Digit acknowledgment number Name of the applicant Status of the applicant Contact details Payment Details Space for Signature Step 7- ...

How To Get An Old Income Tax Refund?

As we all know if we had paid excess taxes than our income tax liability either by TDS/ TCS or in the form of Advance Tax, we can claim the refund of such excess tax paid by filing Income Tax Return u/s 139. The last date of filing of Income Tax Returns u/s 139(1) is July 31st of the relevant Assessment Year. However, Belated return can be filed under section 139(4) by the end of the relevant assessment year i.e. 31st March. So, if you want to claim a refund of the excess taxes paid, you must file your ITR maximum by 31st March to avoid the loss of your refund. But, there are many cases where the assessee missed this second deadline also and struggling to get their refund from the department. So, In this article, we will discuss in detail how you can get your old Income Tax Refund related to the previous year. Section 119(2)(b) of the Income Tax Act, 1961: Section 119(2)(b) confers the power to Central Board of Direct Taxes by which board if c...

Lexlais

Search This Blog