How much gold can you buy with cash? Know this rule may increase difficulty

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How much gold can buy in Cash: Are you also planning to buy gold for Diwali, Dhanteras or your children's wedding? If yes then it is very important for you to know about the rules of income tax department. Even in today's era of online payments, many people prefer to buy gold in cash. So the question in the mind of many people is that how much gold can one buy in cash? Is there any limit on buying gold in cash or not?

Rising demand of Gold

People in India prefer to buy gold. The demand for gold also increases a lot during the festive season. Apart from this, people also invest in gold. The most important reason behind this is that there is no risk of losing money by investing in gold. Also, with time, the return is also very good.

What does the Income Tax Act say?

There is no provision in the Income Tax Act regarding the purchase of gold or gold jewellery. But the rule for buying gold in cash is clear. According to the Income Tax Act, it is not mandatory for a shopkeeper to make a cash transaction of Rs 2 lakh or more in any single transaction. In that case you can buy gold without any cash limit in the gold buyer but the seller will not be able to accept 2 lakhs or more in cash.

How much will be the penalty for not following the rules?

If a jeweler accepts more than 2 lakh cash, he will be penalized according to the cash received. The Income-tax Department may impose a penalty on the jeweler for violation of this Act equal to the amount received by him. Apart from this, if you buy gold worth more than 2 lakhs from a jeweler through cash or other means, you need to provide PAN card or Aadhaar card. It simply means that you can buy gold only up to 2 lakhs without PAN card or Aadhaar card.


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