According to the Income tax department, selling of gold is a taxable transaction. Tax is only paid when you have made a profit in the transaction. If you had the gold for less than 3 years, then you pay tax according to your tax slab, for higher periods, 20% tax is applicable.
The Reserve bank of India has made it clear that you cannot sell your gold to a bank. It has also made it clear that even the jewellery chains cannot buy gold against cash. Only authentic gold buyers such as Cashfor gold and Silverkings can buy it.
It is the best time to sell gold. CoronaVirus has crippled our economy and inflation is at an all time high. Medical expenses are getting costly and there is no sign of any relief. This is why gold can bring a new hope in your life by ending your financial problems.
The best way to sell Jewellery is to approach a genuine jewellery buyer such as Cashfor gold and Silverkings. You need to carry your identity card along with your jewellery for security reasons. A genuine jewellery buyer will give instant cash for your jewellery.
The best way to convert your gold into cash is to approach a genuine gold buyer. Make sure that yoir buyer is certified by the government. Only a genuine certified buyer such as Cashfor gold and Silverkings will give you the best price for your gold.
There are various gold buyers in the market. It is advised not to approach anyone without first enquiring about them. A gold buyer who has maintained a proper website and has a physical store like Cashfor gold and Silverkings is the the best place for you to get the most money.