urgent please help

Save Share

This query is : Resolved

darshan (Querist)

26 May 2010 how much silver is allowed per person without any tax liability in wealth tax and income tax
but threre is a debate that it is 5 kg plz help

Guest

Guest (Expert)

27 May 2010 The maximum limit of gold and silver to be taken out per person is 5 qian (equivalent to 15.625 grams)

Message likes : 1 times

darshan

darshan (Querist)

27 May 2010 sir i want that in our co=untry with him at home or office minimum eligible silver

darshan

darshan (Querist)

27 May 2010 sir i want that in our co=untry with him at home or office minimum eligible silver

Guest

Guest (Expert)

27 May 2010 Dear Darshan,

It's really very interesting question, this question I'm facing first time, well after discussed with some of my friends, I'm come to conclusion that "there is no such limit to hold silver at home". You can carry silver in any Qty at home.

darshan

darshan (Querist)

30 June 2010 how much silver is allowed per person without any tax liability in wealth tax and income tax
but threre is a debate that it is 5 kg plz help

darshan

darshan (Querist)

06 July 2010 ow much silver is allowed per person without any tax liability in wealth tax and income tax
but threre is a debate that it is 5 kg plz help

darshan

darshan (Querist)

08 July 2010 PLZZ SEE

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)

02 August 2025 Urgent clarification on **silver holding and tax liability (Wealth Tax & Income Tax) in India**:

---

### 1. **Is there any limit on how much silver a person can hold at home or office?**

* **No specific legal limit** on the quantity of silver a person can *hold* or *keep* at home or office in India.
* You can **own any amount of silver** without any direct tax liability just for holding it.

---

### 2. **Wealth Tax Act (Now Abolished):**

* Wealth Tax was **abolished in India from Assessment Year 2016-17** onwards.
* Earlier, wealth tax applied on net wealth exceeding ₹30 lakh, including assets like bullion.
* There was **no separate exemption limit specifically for silver quantity**. It was part of overall net wealth calculation.

---

### 3. **Income Tax Act (Capital Gains / Other Tax):**

* Mere holding of silver is **not taxable as income**.
* Tax applies only when silver is **sold or transferred**, and capital gains may arise.
* No exemption or limit related to quantity held for income tax purposes.

---

### 4. **About 5 kg debate:**

* The **"5 kg" limit is a misconception** and may relate to customs rules or allowances for import/export or carrying precious metals.
* For domestic holding, **no such limit exists** under tax laws.

---

### 5. **Summary:**

| Aspect | Limit / Taxability |
| -------------- | ---------------------------------------------------------- |
| Holding silver | No legal limit, no tax on mere holding |
| Wealth Tax | Abolished since AY 2016-17 |
| Income Tax | Tax on sale/transfer (capital gains), no holding limit |
| 5 kg limit | Not applicable for domestic holding; may relate to customs |

---

If you want, I can help you with references to customs rules if you’re concerned about import/export limits, or help with capital gains tax on sale of silver.

Would you like that?

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now