Gold Buying Rules in India: Most people in India invest their money in gold so that they can get good returns. Moreover, at the time of major festivals in our country, the demand for gold increases a lot. But do you know how much gold you can buy in cash? If not, let’s find out in this blog.
In India, major festivals fall in the months of October and November such as Diwali, Dussehra, Dhanteras, etc. During these festivals, Indian people traditionally buy gold and silver, so the demand for gold in our country increases at this time. Also, it is important to note that most people buy gold in cash.
But very few people know how much gold they can buy in cash, so let’s answer these questions today.
The income tax rules: gold buying rules in india
According to the Indian Income Tax Act, there is no limit to buy gold in cash. You can buy as much gold as you want in cash, but one important thing should be noted. As per the Income Tax laws, the payee should not accept cash of Rs 2 lakh or more in any single transaction.
So you can buy any amount of gold in cash, but if a jeweller accepts more than 2 lakh in cash, then he may have to pay a huge loss to income tax. You will need a certificate of identity For your information, if you buy any kind of gold from a jeweller for an amount of Rs 2 lakh or more, then you will have to provide any of your identity certificates to the jeweller, such as Aadhaar card and PAN card. Without an Aadhaar card and PAN card, you cannot buy gold in an amount of more than Rs 2 lakh.
However, if you buy gold for an amount less than Rs 2 lakh, you do not need to provide any Aadhaar card or PAN card to the jeweller. We hope that this blog has given you an idea of how much gold you can buy in cash. If you like this information, share it with your family.”
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