Income Tax Rules: Whenever you go to a showroom or shop to buy gold, keep in mind that for this you may also need a PAN card and Aadhar card (gold purchasing limit without PAN).

Although you can buy gold without PAN and Aadhar (gold buying rules), you will not be able to buy more than a limit. In such a situation, the question comes to mind how much gold can be purchased without a PAN card and Aadhar card and for how much gold (gold purchasing limit) both of these will be required. Know the answer to this question in the news.

The government made this rule-

The Prevention of Money Laundering Act (PMLA) was enacted in 2002, setting the rules for the purchase of expensive metals (IT rules for gold). In 2020, reporting institutions were named, bringing the field of gems and jewelry under the purview of this Act. These reporting institutions named under this Act were instructed to follow the KYC rules (KYC rules for gold purchasing). The report will have to be given to the designated institutions-

According to this rule of the government (gold purchasing limit without aadhar), the buyer must submit PAN or Aadhar on making cash transactions for metals above the prescribed limit. These designated institutions will have to report large cash transactions of Rs 10 lakh or more to the government. According to Rule 114B of Income Tax Rules 1962, if a customer buys gold for Rs 2 lakh and above, then he will have to submit the details of his PAN.

This action will be taken in violation of the rule-

There are many sections in the Income Tax Act, which are applicable in different cases. According to Section 269ST of Income Tax, a person cannot make a cash transaction of more than Rs 2 lakh in a day.

The same rule applies to the purchase of gold in a day, that is, gold worth more than Rs 2 lakh cannot be purchased in cash in a day. This will be considered a violation of Income Tax Rules (IT rules gold purchase). According to Section 271D of the Income Tax Act, the person receiving cash in such a transaction will pay the entire amount as a penalty. That is, if this is done, a 100 percent penalty (fine on gold purchase) will be imposed according to the amount.

Rules for buying gold more than 2 lakhs-

According to the rules of cash transactions in a day (gold purchase without PAN), gold jewelry worth Rs 2 lakh or more cannot be purchased in cash. Whether gold worth more than 2 lakhs is purchased through electronic payment like UPI or credit card, PAN, or Aadhaar will have to be submitted. If someone is buying gold without a PAN and an Aadhaar card (PAN Aadhaar used in gold purchase), then its price should be less than Rs 2 lakh.

When KYC is not required-

KYC is not required on transactions of less than 2 lakhs (IT cash transaction rules) or on the purchase of gold worth less than two lakhs. Therefore, PAN and Aadhaar are also not required. But apart from this, whether it is a cash transaction or a transaction through electronic means, for above Rs 2 lakh, the customer will have to submit PAN or Aadhaar (PAN Aadhaar KYC rules) or provide its details.

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