ITAT Mumbai Case Clarifies Gold Holding Limits Without Tax Issues

Photo: Economic Times

In a recent ITAT Mumbai case, the Income Tax Department seized gold, diamonds, and silver from a woman's home and lockers, totaling over 427 grams of gold jewellery and 11.2 kg of silver-mix articles. The woman explained these were accumulated over decades through marriage gifts, inheritance, and purchases. The AO partly accepted this, referencing CBDT Instruction No. 1916, which sets indicative gold jewellery limits of 500 grams for married women to avoid seizure.

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