Physical demand is always good on Akshaya Tritiya, since it is an auspicious day and traditionally gold buying on Akshaya Tritiya in any manner.
Akshaya Tritiya, is considered an auspicious day for buying gold, silver and other metals. Gold prices are widely tracked in bullion market largely due to token purchases on the auspicious occasion of Akshaya Tritiya.
Physical demand is always good on Akshaya Tritiya, since it is an auspicious day and traditionally gold buying on Akshaya Tritiya in any manner i.e. ornaments, coins etc., is always considered to attract prosperity and abundance. Moreover, Indians always have lot of love for gold as it is considered as safe haven investment and traditionally Gold requirement is always there for children marriage and special occasions.
But do you know how much tax you are liable to pay on sale of Physical gold? India is the world’s second-biggest consumer of the yellow metal, however most of the retail purchases are made offline means people hold physical gold as gold bars, gold coins and most popularly gold ornaments.
If you sell your physical gold after holding it for 36 months or 3 years then you will be liable to pay capital gains tax of 20% with indexation benefits. Additionally, you will also be charged of a cess of 4 per cent on the tax amount. If you sell it before the aforementioned period, the gains on sale of gold will be added to your total income tax and you will be liable to pay tax as per your permissible income tax slab.
Akshaya Tritiya falls on 3 May this year. The purchase of gold during Akshaya Tritiya last year started on a sombre note as the onset of the Covid-19 second wave, local restrictions and partial lockdowns had affected consumer sentiment.
