There is no rule in the Income Tax Act regarding the amount to be paid while buying gold in cash. However, the rules are clear regarding receiving payment while selling gold in cash. If a jeweler accepts payment of more than Rs 2 lakh in cash, he is charged a fine equal to the amount accepted. Let us know about it in detail.
Everyone likes to buy gold. The biggest reason behind this is that there is no risk of losing the amount invested in gold and with time it also gives good returns, but while investing in gold, many people have this question that what is the profit in cash? What is the maximum amount of gold that can be purchased without PAN and Aadhar. Let us know.
How much gold can you buy in cash?
There is no rule in the Income Tax Act regarding the amount to be paid while buying gold in cash. However, the rules are clear regarding receiving payment when selling gold in cash. No seller can accept an amount of Rs 2 lakh or more in cash in a single transaction.
Because of this, any buyer can buy gold for any amount in cash, but the seller can sell only gold worth less than Rs 2 lakh in cash in a single transaction.
How much gold can you buy without PAN and Aadhaar?
You need PAN and Aadhaar if you buy gold worth more than two lakhs. At the same time, you can buy gold worth less than Rs 2 lakh without PAN and Aadhaar.
What is the penalty for accepting payment of more than Rs 2 lakh?
If any jeweler accepts payment of more than Rs 2 lakh, then a fine is imposed on the jeweler according to the amount accepted.
