Indians’ practise of purchasing physical gold at festivals such as Diwali, Dhanteras, and Akshaya Tritiya is gradually shifting to digital gold. Digital gold is not only safe and secure, but it is also easier to buy and sell than physical gold.
What is Digital Gold?
Digital Gold allows you to easily and conveniently acquire and save gold online. An equivalent weight of real gold is stored in a secured vault by the seller, for each online transaction. Digital gold can be acquired over an extended period of time, in several transactions, and in any denomination.
How different forms of gold are taxed
Individual resident in India can buy digital gold. According to the Axis Bank website, “The individual should have a savings account or current account to buy digital gold.”
Who cannot buy digital gold in India?
A minor account holder and NRI customer without an NRO account.To buy gold on Google Pay, follow these steps:
Step 1: Open Google Pay. Click on New and in the search bar, enter “Gold Locker.” Then, search for that term.
Step 2: Click on Gold Locker.
Step 3: Tap Buy. As per the Googple pay, “The current market buying price of gold (including tax) appears. This price stays locked for 5 minutes after you begin the purchase, as the buying price may change throughout the day.”
.Step 4: Enter the amount of gold you want to buy, in INR.
Step 5: Click on Check mark . Select your preferred payment method in the window that appears and click on Proceed to pay.After the transaction is confirmed, the gold should appear in your Locker within a few minutes.
Once the order has been processed, it cannot be cancelled. You can, however, sell it back at the current market price.
Any money deducted during your gold transaction will be returned in three business days if payment is unsuccessful.
Things to note
- Taxes can vary depending on where you live and your postal code.
- The total amount of gold you can purchase has no upper limit. There is a daily cap of Rs 50,000 that you can spend in a single day.
- One unit of gold is the minimum buying amount. Before further purchases may be made, GAP accounts above Rs 49,999 must adhere to Know Your Customer (KYC) regulations.
