PAN mandatory for gold buys above Rs.2 lakh

Customers will no longer be able to buy gold bars or coins worth more than Rs 2 lakh – even by paying cash – without furnishing an Income-Tax Permanent Account Number (PAN). That is because it is now mandatory on the part of the seller to collect tax at source on such sales. The buyer’s identity – the PAN is treated as the source of identity for this purpose – is mandatory for this.

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