How much gold and silver can you legally keep at home?
In a recent case before the ITAT Mumbai, the Income Tax Department carried out searches at a woman's residence and bank lockers, and seized diamonds, gold and silver articles, along with jewellery, which it treated as unexplained assets. The seized items included gold jewellery of 427.71 grams, 258 grams of pure gold, diamond-studded jewellery containing 161.33 grams of gold, and articles made of…
The legal limit on how much gold and silver one can keep at home or in a bank locker is not prescribed by law, according to Chartered Accountant Suresh Surana. The key factor is whether the assets were acquired legally and the owner can explain their origin. In a recent case in Mumbai, the Income Tax Department seized various gold and silver items from a woman's residence and bank lockers, treating them as unexplained assets.
The woman defended her possessions by explaining that they had accumulated over decades through gifts, inheritance, and purchases. The Income Tax Assessing Officer accepted her explanation partially, aligning with CBDT Instruction No. 1916, which provides indicative quantities for seizure purposes but does not establish an absolute exemption or statutory upper limit on the amount of jewellery a person may own.
Brief written by urgent.news from Times of India's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
