The central government has given the public a chance to buy gold at cheaper rates. Investors can buy gold at a much lower price than the market price under the Sovereign Gold Bond scheme. This plan is only for five days. So if you want to take advantage of this plan, don't delay. Today is its first day. There will also be an exemption under the Income Tax rules on the profit on its sale.
Let's know about this plan.
Today is the first day to buy gold cheaply
The investment period under the scheme has started from 6 July 2020 ie today and 10 July 2020 is its last day. The government has given up to five days to invest in the scheme. This is the fourth series of the financial year 2020-21 by the government to invest in gold bonds. The first series began on 20 April 2020 and ended on 24 April 2020.
This is the price of gold
Under the scheme, you can buy gold at Rs 4,852 per gram. That is, if you buy 10 grams of gold, then it costs Rs 48,520 and if the gold bond is purchased online, then the government gives an additional rebate of Rs 50 per gram to such investors.
Will be such a benefit
That is, on buying gold online, investors will have to pay Rs 4,802 per gram of gold. In this case, you will get 10 grams of gold for Rs 48,020. In the next slide, you know where you can buy it and how you will get an income tax rebate.
You can invest from here
The Reserve Bank will issue these bonds on behalf of the Government of India. Apart from banks, post offices, NSE and BSE, you can buy gold bonds. Also know in the next slide how much interest you will get in the scheme.
Will get much interest
Gold bonds have a maturity period of eight years and get an interest of 2.5% per annum. The interest received on the bond is taxable as per the tax slab of the investor, but it is not tax deducted at source (TDS).
This should be the minimum investment
The bond's face value is based on the simple average closing price (published by the India Bullion and Jewelers Association) over the last three working days for gold of 999 purity. The minimum allowable investment is one gram of gold and a maximum of 4 kg per person. For Hindu undivided family also, the maximum limit of investors is 4 kg. It is 20 kg for trusts and similar units. The government had raised the import duty on gold from 12.5 percent to 12.5 percent in the budget. At the same time, gold prices are continuously rising due to increased buying globally. In such a situation, you can benefit from buying gold under the government scheme.