Gold Price: Festival season is going on in the country. In the coming days, the festival of Dhanteras is also going to come in the country. People in India traditionally buy gold and silver on the occasion of festivals.
The importance of buying gold and silver on Dhanteras is very high. In such a situation, if you are thinking of buying gold this Dhanteras, then it is important to know some important things. Actually, people want to buy gold in cash also.
However, some people have this question in their mind that how much gold can a person buy in cash? Is there any limit on buying gold in cash or not? There remains doubt in the minds of people regarding this also. Let us know about it…
Let us tell you that under the Income Tax Act, there is no limit for buying gold in cash, but people have to keep one important thing in mind. Income Tax law definitely says that the recipient should not accept cash amount of Rs 2 lakh or more in any single transaction. In such a situation, you can give any amount in cash to buy gold, but cash of Rs 2 lakh or more will not be accepted by the seller.
The law prohibits the seller from charging any amount of Rs 2 lakh or more for each transaction of sale of jewellery. If more than Rs 2 lakh in cash has been accepted by the seller of jewelery then the Income Tax Department can impose a penalty equal to the amount accepted in violation of the legal provision.
Apart from this, if you are buying from a jeweler for more than Rs 2 lakh in cash or through other means, then the seller will have to provide your identity proof like PAN card or Aadhar card. However, if the purchase is less than Rs 2 lakh then you can buy gold without Aadhar card or PAN card.