How much gold can I buy in cash and do I need to submit my ID proof for the same?
PAN card or Aadhaar Card. So you can buy gold upto Rs.
2 lakhs without having to furnish either PAN or Aadhaar number. Since you are planning to buy gold for the wedding of your children, I would advise you to invest in Sovereign Gold Bonds (SGB) which helps you get better returns over the years.
You get interest @ 2.50% every year on the issue price of the SGB. Moreover, as and when the SGB is redeemed, you do not have to pay any capital gains.
Moreover, in addition to other benefits of electronic gold, you will not have to pay GST when you purchase SGB though you have to pay GST at the time of purchase of physical gold. Please note that though you may have to pay GST when you actually buy physical gold at the time of the wedding of your children but meanwhile the GST component saved will continue to earn interest and appreciation on your investment.
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