This question becomes important after Modi government’s thrust on unearthing black money and the recent changes in income tax laws. What to do, to remain legally correct as also to keep income tax authorities at bay?
There's no limit to the quantity of gold an individual can possess where the source of such holding is legitimate and can be explained.
However, it has been clarified by the Ministry of Finance that jewellery and ornaments to the extent of below limits will not be seized, even if prima facie, it does not seem to be matching with the income record of the assessee.
500 grams for married lady,
250 grams for unmarried lady and
100 grams for male member
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