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Tax on sale of gold

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 June 2016 I own some gold and i would like to encash it. The amount that can be raised is around 2 lakhs. What is the amount of tax that is applicable? I do not possess any purchase bill with me for further reference. If tax @ 20% is paid for the said amount will there be any further complications?
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Rupesh Jain

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Rupesh Jain (Expert)
07 June 2016 on selling in cash then 1% tcs will be payable by you.

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