New Delhi Gold Price Update: Festival season is going on. The festival of Dhanteras is also going to come after a few days. On this occasion, people of the country traditionally buy gold and silver. There is more importance in buying gold and silver on the occasion of Dhanteras. In such a situation, if you are thinking of buying gold on this Dhanteras, then it becomes very important to know some things.
Let us tell you that many people buy gold in cash, but some people have questioned how much gold can they buy in cash. Or is there any limit on buying gold in cash or not? Questions are arising in the mind regarding this also. Let us know about it in detail.
How much is income tax?
Let us tell you that under the Income Tax Act, there is no limit to buying gold in cash. But people have to pay attention to one important thing the Income Tax law says that the recipient should not take cash worth Rs 2 lakh or more in any single transaction. In such a situation, how many rupees do you pay as cash to buy gold, but cash of Rs 2 lakh or more is not taken by the seller?
What does the law say
According to the law, the seller is prohibited from taking any amount of Rs 2 lakh or more for each transaction. If the seller has taken more than Rs 2 lakh in cash in jewelry, then as per the Income Tax rules, a penalty equal to the amount taken is imposed.
An identity card is necessary
Apart from this, if you are buying gold from jewelers for more than Rs 2 lakh in cash or in any other way, then the seller will have to provide documents like a PAN card and Aadhar card. Whereas if the purchase is less than Rs 2 lakh then you can buy gold without an Aadhar card and PAN card
