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Gold purchase with black money
Wat if somebody deposits black money and wants to purchase gold by issuing cheques or rtgs??? Is it possible???
Replies (2)
if this money is more than 2.5 lakhs and you do not have source of income. then u have to pay tax on that money and 200% penalty on that tax. purchase of gold from bank/ cheque does not matter here.
High chances that IT authorities will be at your premises.
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