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Gold keep

Sagar (Consultant) (86 Points)

07 October 2016

Hi, Please anyone clarify me what is limit of gold ornaments & sliver artciles can be kept in home. And what is the procedure to be followed to as per IT Act

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CA Goutam Sharma (Chartered Accountant in Practice) (468 Points)
Replied 07 October 2016

no limt as such... you can keep as much gold as you wish..

but get assured that..the gold value is supported by your I T returns...

means..

if your declared income over the years is accumulated to amount 1 crore..its obvious that you must not keep gold more than that over the years..

what I want to say is that your gold shall be supported by Income declared on yearly basis...