Gold Duty Hiked To 15 Percent Amid Wedding Season And Legal Limits On Holding Jewellery Explained

The central government has raised the import duty on gold, silver, and platinum from six percent to fifteen percent, effective May 13. This decision coincides with India's peak summer wedding season, pushing jewellery prices to record highs. The duty hike aims to curb gold imports, which reached nearly 72 billion dollars in the 2025-2026 financial year, straining foreign exchange reserves and weakening the rupee. Prime Minister Narendra Modi has also appealed to citizens to reduce gold purchases. Alongside the price surge, the rules regarding gold storage at home have come into focus. According to the Central Board of Direct Taxes, there is no upper limit on owning gold if the source is declared. Safe harbor limits during tax raids allow a married woman to hold 500 grams, an unmarried woman 250 grams, and a man 100 grams without producing bills. However, gold coins and bars require valid purchase invoices regardless of weight. Profits from selling gold held for over two years are taxed at 12.5 percent.

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