Fortunately, there are no legal restrictions that limit the amount of gold an investor in the United States can purchase. If you can afford to buy and store your gold, you can buy as much as your heart desires. CBDT has clarified the prescribed amount of gold that is considered permissible. Gold within this limit will not be seized even at the time of registration at the evaluator's premises.
A married woman can have up to 500 g of gold. A single woman can have up to 250 g of gold. A man can have up to 100 g of gold. Even a larger amount of gold may be left unseized at the discretion of the evaluating officer.
Factors such as family customs and traditions can be taken into account in making that decision. It is important to note that the limits prescribed above only apply to jewelry held by family members. In the case of jewelry found belonging to any other person, it may be seized and confiscated. However, according to Income Tax rules, there is a limit to the amount of gold that can be kept at home.
Kapil Rana, founder and president of HostBooks Ltd, says: “For domestic gold storage no justification is needed on a person's income status if the parameters mentioned are met for different categories of people, such as married women, single women and a male member of the family. A married woman can hold up to 500 grams of gold, while a single woman can hold up to 250 grams of gold, even if she doesn't present her proof of income. Male members are allowed to have only 100 grams of gold without justifying their income status.
