How much gold and silver jewellery can you have in your home without getting into trouble with the Income Tax authorities?
The Income Tax Appellate Tribunal (ITAT) Mumbai ruled in favor of a woman whose gold and silver jewellery was seized during a tax search. The search revealed 427.71 grams of gold jewellery and 11.2 kg of silver, which she claimed were accumulated over decades. ITAT clarified that while CBDT benchmarks exist, they do not impose absolute limits on jewellery holdings.