New Delhi, Sept. 2 -- Owning gold jewellery above the commonly cited permissible limits does not, by itself, mean that the gold held is illegal, unaccounted for or subject to seizure by the tax authorities.

The key factor in determining how such gold is treated, whether in ornaments or other forms, is the owner's ability to clearly explain its source and establish ownership.

If an individual holds gold but cannot identify the source, they risk serious tax issues with legal ramifications.

Under prevalent tax laws, there is no statutory cap on the amount of gold jewellery an individual may own. The widely discussed thresholds, 500 grams for a married woman, 250 grams for an unmarried woman, and 100 grams for a male member, generally rela...