Actually, it is believed in Hinduism that Diwali is the festival of Goddess Lakshmi. In such a situation, buying gold on the day of Dhanteras and Diwali brings Lakshmi to the house and prosperity remains. At the same time, according to traditional practice, people in India give gold in weddings.

However, there is a limit for purchasing gold and silver. For purchasing more than that limit, some details have to be given to the government. The government has imposed this rule to detect black money. In such a situation, it is important for you to know about the rules related to gold and silver transactions, especially when using cash.

These details will have to be given on purchases above the limit

Let us tell you that the government has tightened the rules for buying gold in cash by bringing the gems and jewellery sector under the Prevention of Money Laundering Act (PMLA) 2002. The government has made it mandatory for all jewellers to follow KYC norms. In such a situation, if you make a transaction for buying gold in cash above a specific limit, then you will have to provide information about Aadhaar card and PAN card. Apart from this, information will have to be given to the government for transactions of Rs 10 lakh or more.

Is there a limit on buying gold in cash

Apart from this, the Income Tax Department has also tightened its rules regarding the purchase of gold in cash, which includes TDS on cash withdrawals above a specific limit and restrictions on the maximum amount of cash transactions in a day between individuals. Under Section 269ST of the Income Tax Act, you can only transact up to Rs 2 lakh in cash for gold in a day. If it exceeds this, the recipient can be fined an amount equal to the amount transacted in cash under Section 271D of the Income Tax Act.

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The post Gold Limit: You can buy only this much gold in cash on Diwali, if it is more then you will have to provide these details first appeared on Rightsofemployees.com.

For centuries, Indians have had a special love for gold. Even in today’s time, the importance of gold increases even more on auspicious occasions like marriage. Gold ornaments are made for the daughter and daughter-in-law of the house, in such a situation it is common to have gold in every other house.
However, keeping gold more than the limit can bring a big problem to you. Your house may be raided by the Income Tax Department.

How much gold should I keep?

Actually, understanding the importance of keeping gold, some rules have been made. Under these rules, gold can be kept up to a limit-

The Central Board of Direct Taxes (CBDT) had issued instructions in 1994 to keep gold at home. According to these instructions-

A married woman can have up to 500 grams of gold.

An unmarried woman can have up to 250 grams of gold.

A married or unmarried man can have up to 100 grams of gold.

When can trouble arise?

Here you need to understand that this rule of the Central Board of Direct Taxes does not give any legal right to keep gold.

These are only meant to protect the taxpayer from gold seizure during raids. These rules apply to family members only.

If gold is found with any other member outside the household, the Income Tax authorities can confiscate it.

PM Kisan 17th Installment: If this work is not done then the money of 17th installment will not come in the account.

The post Gold limit Income Tax Rules : Do you have more money than this limit? Income tax raid can happen anytime, know the rules. first appeared on Rightsofemployees.com.