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šŸ”” Are there restrictions on buying gold?

šŸ’° You can buy.. but they can't sell.. šŸŒŸ Actually you can buy gold no matter how much you spend. šŸ’°šŸ’ You can buy gold by paying any amount of cash. šŸ’°šŸ›ļø

But the income tax department has imposed some restrictions on the seller. šŸ’¼šŸ’¼ The Income Tax Act places restrictions on the recipient receiving cash of two lakh rupees or more in respect of a single transaction. šŸ’¼šŸ’¼

šŸš« So whatever amount you can pay to buy gold, jewelers will not accept cash above two lakh rupees per transaction. šŸš«šŸ’¼ Because the law prohibits the sale of jewelry from receiving two lakh rupees or more per transaction. šŸš«šŸ’°

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