However, according to income tax rules, there is a limit to how much gold you can keep at home. Kapil Rana, founder and president of HostBooks Ltd, says: “To store domestic gold, it is not necessary to justify a person's income situation if the above-mentioned parameters are met for different categories of people, such as married people, single women and a male member of the family. A married woman can store up to 500 grams of gold, while a single woman can store up to 250 grams of gold, even if she doesn't present her proof of income. Male members are only allowed to have 100 grams of gold without justifying their income level.
For those looking to invest in gold beyond these limits, a 401k gold IRA rollover may be the best option. 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 everything you want. The CBDT has clarified the prescribed amount of gold that is considered allowed. Gold within this limit will not be confiscated even at the time of registration at the evaluee's facilities.
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. A larger quantity of gold may even be left ungarnished at the discretion of the evaluating officer.
Factors such as family customs and traditions may be taken into account for such a decision. It's important to note that the limits prescribed above only apply to jewelry owned by family members. If jewelry belonging to any other person is found, it may be seized and confiscated.