If gold is kept in the house, then be careful, there should be trouble | Sovereign Gold Bond.

 

If gold is kept in the house, then be careful, there should be trouble:

Gold is forever, you must have heard this. But how much gold is right to keep with you at home? Do you know this? Now you will think that we are buying by paying money, so we can buy as much as gold. What is it like to think in this, sir, gold is as good in your pocket, if the Income Tax Department does not have a crooked eye on your gold? Let us know in the news of work today how much gold jewelry you can keep in the safe of your house.

Also, know the rules of income tax, so that in the future, no tax dispute will increase your trouble. Be it today's time or old time, people always want to keep gold with them in the form of coins or biscuits and the form of jewelry and now the trend of digital gold and gold bond is also fast. Gold investment has always been making people rich. This is the reason why people want to buy and keep more and more gold, but how much gold can you keep in your house or how much gold can you keep with yourself?

This information is available from the Central Board of Direct Taxes (CBDT). According to which a married woman can keep up to 500 grams of gold with her. An unmarried woman can keep up to 250 grams of gold and a man can keep up to 100 grams of gold. If you look at it as a family, then you can keep about one kilo of gold with you. If you keep this much gold, the chances of any tax dispute action will be negligible for you.

However, no such limit has been fixed that you cannot buy or keep more gold than this. But it is the most important thing to note that while buying more gold or gold jewelry than this, always keep the bill with you. Always take bills from the shopkeeper and keep them safe because if the source of gold jewelry is ever asked from you, then the same bill can save you from any action of the tax department.

Apart from this, if you want to avoid the tax department, then keep in mind that you have as much gold as you earn, that means if your earning is 10000 and the worth 50 lakhs gold is found in the house, then you should have to answer it. If the source information is not given, the tax department or CBDT can also confiscate your gold. However, whether to confiscate the gold caught in a house or not. Its decision rests with the assessing officer. 

Some families have a gold limit fixed based on their customs and beliefs. There is talk of gold jewelry here, but keep in mind that this gold should belong to your family member only. If you keep someone else's gold in your house, then it can also be sealed. If the gold is yours, then prove this, you have to provide proof. These are investment proofs, which have to be shown in the income tax return like you can show a house tax invoice.

If the gold is received as a gift, you can first show the owner's receipt. If you have inherited gold, you can show the family settlement deed as proof. Overall, no matter how much gold you keep with you, the source i.e. the bill should always be with you so that if the tax department ever gets noticed, you can present your side without any fear. Hope this information is useful to you.

Quit GOLD Investing, invest money in Gold Bond:

Gold will be found in every house in India. Somewhere more and some less. But what is the use of gold kept in the house? Until you sell it, it is nothing more than a shiny stone kept in the safe of the house. But if you want to buy and keep gold only under-investment, then leave the temptation of physical gold and start investing in digital gold.

You will also get the benefit of this and the gold will also be true. Let us know in today's article what is digital gold, how you can invest in it, and what are the benefits of that investment in it. You must have heard about the Sovereign Gold Bond Scheme at some point or the other. It doesn't matter if you haven't heard it. We'll tell you. Today we are going to talk about such a scheme, but first, let us know the news.

The second series of Sovereign Gold Bond Scheme 2022-23 started on 22nd August. You will get a chance to invest in it till August 26. So listen a little carefully, it is a government scheme. Under this scheme, government bonds are issued by the RBI. Its value is determined by the weight of the gold. Meaning if the bond is of five grams of gold, then the price of the bond will be the same as the price of five grams of gold.

This time the government has fixed a price of ₹ 5157 per gram for Sovereign Gold Bond, a discount of ₹ 50 per gram will also be available for applying online and making digital payments. That is, you have to pay ₹ 5147 for one gram of gold. The issue price has to be paid to SEBI authorized brokers to buy it. Like you do to buy shares of a company in the stock market and after selling the bond, the money gets deposited in the investor's account.

Just like the market, so one thing that becomes clear from this is that it is a safe method. Investing in Gold In Sovereign Gold Bond, you invest in 24-carat pure gold, which if you invest in 10 grams at the rate of ₹ 5157 per gram, then you will have to pay ₹ 5147 after a ₹50 discount. On the other hand, if you talk about the price of gold in the Indian bullion market right now, then that is its value is  ₹51802 per 10 grams. That is, you get a chance to invest in gold cheaper than the market.

On the other hand, there is no need to worry about purity in Sovereign Gold Bonds. According to the National Stock Exchange (NSE), the price of gold bonds is linked to the price of 24-carat purity gold published by the Indian Bullion and Jewelers Association (IBJA). Along with this, you can keep it in the form of a Demat which is very safe and there is no cost on it. Let us tell you that Sovereign Gold Bond Scheme was launched for the first time in 2015-16.

Then its price per gram was ₹ 2684. There was a discount of ₹ 50 on this i.e. ₹ 2634 price. The Sovereign Gold Bond scheme launched today has a price of ₹5197. After the discount of ₹ 50, the price will be ₹ 5147. In this way, in the last six years, this scheme has given a return of 92%. Let us tell you here that the maturity period in this scheme is eight years. That is, there is no tax on the profit made after the maturity period.

But if you withdraw money before eight years i.e. after five years, then 20.80 percent tax has to be paid on the profit made as Long Term Capital Gain (LTCG). Meaning you can withdraw money even after five years. Tax will have to be paid from this scheme. Now if you are thinking of investing, then RBI has given many options for investing in it.

For example, post office and stock exchange through bank branches, as well as through Stock Holding Corporation of India, you can invest in it. The investor has to fill out an application form. After this, the money will be deducted from your account and these bonds will be transferred to your Demat account. 

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