New Delhi, Oct. 14 -- Amid this festive season, as customers may look to buy or invest in gold, we answer all the top FAQs about how much of the precious metal you can keep at home legally, if there's a penalty for exceeding limits, rules about declaration and storage if any, investments, what is the tax requirement, and more.

While there is no explicit law imposing a legal limit on the amount of gold an individual can hold, all people should be able to justify the source, especially for tax purposes.

Thus, if you hold gold above the below specified levels, income tax authorities can demand to check the documentation and proof of income. Check limits per person below:

Notably, these limits are a guideline for tax officials during raids...