The Economic Times

Gold holding above 100g: Can it be seized by income tax department if you dont have right papers? Check varying limits for men and women

India has no legal limit on gold ownership, provided its source is declared income. While CBDT offers seizure guidelines for specific gold jewellery quantities during searches, exceeding these limits isn't illegal if the origin is explained. Documentation like bills, inheritance papers, or gift records is crucial for proving legitimacy, especially for coins and bars.