New Delhi, Business Desk. 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.
Also read- PM SVANidhi Yojana: In this government scheme, you get cashback of Rs 1200 along with subsidy on loan, know all the details.
How much gold can you buy without PAN and Aadhaar?
more than two lakhs Sleep You need PAN and Aadhaar upon purchase. At the same time, you can buy gold worth less than Rs 2 lakh without PAN and Aadhaar.
Also read- Government saved 27 billion dollars by using Digital Infrastructure, beneficiaries are getting benefits directly
What is the penalty for accepting payment of more than Rs 2 lakh?
if any jeweler If a payment of more than Rs 2 lakh is accepted by the jeweller, then a fine is imposed on the jeweler according to the amount accepted.
Posted By Abhinav Shalya