Gold worth Rs 2 lakh or more cannot be purchased in cash in a single transaction.
Providing PAN and Aadhaar is mandatory while buying gold above Rs 2 lakh.
Updated: Sep 23rd, 2023
Dt. 23 September 2023, Saturday
Everyone likes to buy gold, the most important reason behind it is that there is no risk involved in investing in gold. Apart from this, it also gets good returns with time. But when it comes to investing in gold, there is a question that maximum amount of gold can be bought without PAN and Aadhar card. Let’s know about it in detail.
How many rupees gold can we buy in cash?
There is no rule in the income tax laws regarding the amount of cash to be paid while buying gold in cash. However, the rules are clear about receiving payment while selling gold for cash. No merchant can accept cash amount of Rs 2 lakh or more in a single transaction.
Due to this any buyer can buy gold for any amount in cash. But the seller can only sell gold worth less than Rs 2 lakh in a single transaction.
How much gold can be bought without PAN and Aadhak card
You need PAN and Aadhaar card for buying more than two lakh gold. But if you want to buy gold worth less than two lakh rupees, then you don’t need PAN card or Aadhaar card.