Income Tax Notice: Income Tax Department will send notice if you buy gold above this limit in cash..

Gold Buying Cash Limit: Indians buy a lot of gold on the occasion of festivals and weddings. If you are also planning to buy gold jewelry, then before going to the market, definitely know about the rules related to gold.

Often, people buy gold in cash only. But do you know that there is a limit for buying gold in cash (Rules for buying gold). If you buy in cash more than the fixed limit, then you can get a notice from the Income Tax Department. Let us know how much gold can be bought in cash.

What is the limit for buying gold in cash?

Let us tell you that there is no limit for buying gold in the country, but many rules have been made for buying gold in cash (gold buying cash limit). There is also a provision for punishment, along with a fine for violating these rules.

According to the rules related to cash purchase, a customer can buy gold jewelry up to Rs 2 lakh in cash, but amounts more than this will have to be paid by card or other means.

It is necessary to follow the single transaction rule.

According to the rules related to a single transaction, like the customer, the jeweler will also have to follow these rules. In such a situation, the seller can accept cash up to two lakhs; if more than this cash payment is taken, the jeweler will have to keep a record of the customer. For this, the shopkeeper will have to give a copy of his PAN card or Aadhar card.

Penalty for buying gold worth more than two lakhs -

According to the rules of the Income Tax Department (income tax rule purchase gold), if a jeweler takes more than 2 lakh payment in cash on selling gold jewelry to the customer, then he may have to pay a heavy fine, and the Income Tax Department can even take action.

Let us tell you that the penalty for taking more cash on selling gold will be recovered based on whatever amount of cash taken in more than the fixed limit. Apart from this, as proof of selling jewelry from the jeweler, important information like the bill, quantity of gold, customer's documents, own PAN card, Aadhar card etc. will have to be kept with you.

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