Pan card is must to buy Gold above Rs 2 Lakh

pan-card-is-must-on-goldThe yellow metal that is the Gold is gaining height like an airplane day by day and going as high as the reach of poor ones can never touch that. So might be many us want to buy it now so that in future if we will not be able to afford it at least will have some.

 

Instead of growing price hike there are some who are not even getting affected by this. The reason behind this is the black money they carry. So Government has introduced a rule for buying gold.

For buying gold of worth Rs. 2 lakh or more one has to show the PAN card. This rule has been formulated to check the menace of Black Money. So, if in near future you are planning to but Gold do carry you PAN card along with you, it has been formulated as it will provide the financial identity of a person.

 

Apart from this, as per normal norms the tax collected at the source, the sellers are allowed to collect tax from the customers/buyers at a specified rate and deposit it to Government. However, if some has paid TDS (Tax Collected at source) and is not liable to pay that which means his/her income doesn’t come under that boundary he/she can reimburse the amount  but it can be only possible if they have PAN card.

Other transactions requiring PAN card:

  • Sale/Purchase of immovable property worth Rs. 5 LAkh or more.
  • Sale pr purchase of Motor vehicle
  • Any deposit exceeding Rs. 50,000

 

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