How much gold and silver can you legally keep at home?

How much gold and silver can you legally keep at home? Is there a legal limit? There is no legally prescribed upper limit on the quantity of gold or silver a person can hold at home or in a bank locker, says Chartered Accountant Suresh Surana. What matters is whether the assets were acquired lawfully and whether the owner can explain how they came into their possession.In a recent case before the ITAT Mumbai, the Income Tax Department carried out searches at a woman's residence and bank lockers, and seized diamonds, gold and silver articles, along with jewellery, which it treated as unexplained assets.The seized items included gold jewellery of 427.71 grams, 258 grams of pure gold, diamond-studded jewellery containing 161.33 grams of gold, and articles made of a silver mixture weighing 11.200 kg, according to an ET report.Also Read | Gold at Rs 1.5 lakh per 10 grams is…