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Gold purchase from amazon gv

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Deal Cadet
GKN

I planned to buy gold coins worth 1.2L from Amazon using gv.

is there any implications or issues that would arise?

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Deal Captain Deal Captain
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GKN wrote:

@bikidas2060 @kukdookoo @Ash @24karat
@MJ911 @caks2006407 @MrKool_JJ @malikcool @guest_999 @AyushiiiVijay @Wontdisplaymyname @pingpong @saucap @vijkap201 @MJ911 @bumblefoot @ Wander-lust @BubbleBoyChickenLittle @_One_Miller_
@andromeda @androgame @Total_Fun @Gaurav_G @Priyanka @xuseronline @cancob
Kindly suggest will there be any questions if i use gv.

I’m not sure if any tax implications will rise but are you comfortable with losing 5% value?

Edit :- Forgot to read it’s physical gold

Pro Community Angel Pro Community Angel
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Gaurav_G wrote:

I’m not sure if any tax implications will rise but are you comfortable with losing 5% value?

He is buying gold coins, so rate would be same online and offline (he will lose on bank discounts and some special flash offers though which come near festivals)

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GKN wrote:

@bikidas2060 @kukdookoo @Ash @24karat
@MJ911 @caks2006407 @MrKool_JJ @malikcool @guest_999 @AyushiiiVijay @Wontdisplaymyname @pingpong @saucap @vijkap201 @MJ911 @bumblefoot @ Wander-lust @BubbleBoyChickenLittle @_One_Miller_
@andromeda @androgame @Total_Fun @Gaurav_G @Priyanka @xuseronline @cancob
Kindly suggest will there be any questions if i use gv.

If the account is Full KYC and source of GVs is genuine, nothing to worry.
Keep the purchase receipt of GVs with you until your order is delivered, to be on a safer side.
Nothing would happen ideally.
No tax implications as such.

Mobile Guru Mobile Guru
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GKN wrote:

@bikidas2060 @kukdookoo @Ash @24karat
@MJ911 @caks2006407 @MrKool_JJ @malikcool @guest_999 @AyushiiiVijay @Wontdisplaymyname @pingpong @saucap @vijkap201 @MJ911 @bumblefoot @ Wander-lust @BubbleBoyChickenLittle @_One_Miller_
@andromeda @androgame @Total_Fun @Gaurav_G @Priyanka @xuseronline @cancob
Kindly suggest will there be any questions if i use gv.

Any specific reason why you are purchasing it from az gvs?
There were too many offers on gold coins along with cb offers and bank discounts last month dizzy_face

Pro Community Angel Pro Community Angel
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I bought MMTC 5gms coin in effectively 25000 rupees from phonepe (There was some 5% Cb offer near diwali)

Deal Captain Deal Captain
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@GKN aside from the tax implications I suggest you to take some precautions -

1. As @androgame said retain the original gold purchase receipt/make copies of it

2. Make sure to shoot a video while opening the package of gold in front of the delivery guy (keep shooting from unboxing to the end)

3. Get the gold physically tested from a reputed jeweller (since it’s a large amount that’s why)

4. Last but not the least make sure to choose a reputed seller with good ratings

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Gaurav_G wrote:

@GKN aside from the tax implications I suggest you to take some precautions -

1. As @androgame said retain the original gold purchase receipt/make copies of it

2. Make sure to shoot a video while opening the package of gold in front of the delivery guy (keep shooting from unboxing to the end)

3. Get the gold physically tested from a reputed jeweller (since it’s a large amount that’s why)

4. Last but not the least make sure to choose a reputed seller with good ratings

As a one liner, I would suggest buying only from MMTC

Pro Analyst Pro Analyst
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GKN wrote:

@bikidas2060 @kukdookoo @Ash @24karat
@MJ911 @caks2006407 @MrKool_JJ @malikcool @guest_999 @AyushiiiVijay @Wontdisplaymyname @pingpong @saucap @vijkap201 @MJ911 @bumblefoot @ Wander-lust @BubbleBoyChickenLittle @_One_Miller_
@andromeda @androgame @Total_Fun @Gaurav_G @Priyanka @xuseronline @cancob
Kindly suggest will there be any questions if i use gv.

just check the seller history and rating rest no issue

Deal Subedar Deal Subedar
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I never bought gold online….. Contradictory to my username smile

Deal Subedar Deal Subedar
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No issues.
Just make sure it is Amazon assured product and have recording when you unpack (as this are non returnable items)

Also get it from reputed brand MMTC, Malabar, Bangalore refinery to just name a few.

Deal Cadet Deal Cadet
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The gv’s are genuine from my company, but Will i need to pay some tax on gift for accepting more than 1L gv from my company..

Also, I would like to purchase it from non KYC account to save my KYC account for card offers on gold in future

Deal Cadet Deal Cadet
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androgame wrote:

If the account is Full KYC and source of GVs is genuine, nothing to worry.
Keep the purchase receipt of GVs with you until your order is delivered, to be on a safer side.
Nothing would happen ideally.
No tax implications as such.

The gv’s are genuine from my company, but Will i need to pay some tax on gift for accepting more than 1L gv from my company..

Also, I would like to purchase it from non KYC account to save my KYC account for card offers on gold in future

Deal Cadet Deal Cadet
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MrKool_JJ wrote:

Any specific reason why you are purchasing it from az gvs?
There were too many offers on gold coins along with cb offers and bank discounts last month dizzy_face

Its a gv from my company.. I’ve 2 options now..

1. to sell it and take money @ 2% less, but since it will add to my bank account.. I dont want IT headache
2. As the gv is the gift, I might need to report it to IT and pay tax. But buying gold with that gv without reporting. will this have any q from Amazon or IT

Deal Cadet Deal Cadet
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Gaurav_G wrote:

@GKN aside from the tax implications I suggest you to take some precautions -

1. As @androgame said retain the original gold purchase receipt/make copies of it

2. Make sure to shoot a video while opening the package of gold in front of the delivery guy (keep shooting from unboxing to the end)

3. Get the gold physically tested from a reputed jeweller (since it’s a large amount that’s why)

4. Last but not the least make sure to choose a reputed seller with good ratings

1. Point 1 OK
2. Point 2 – Delivery guys usually don’t accept to wait till we validate the parcel
3. I usually buy BRPL / MMTC, do i need to get it checked even in this case

Deal Cadet Deal Cadet
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androgame wrote:

As a one liner, I would suggest buying only from MMTC

BRPL, i used to buy mostly.. Will it be fine

Community Angel Community Angel
Admin
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GKN wrote:

The gv’s are genuine from my company, but Will i need to pay some tax on gift for accepting more than 1L gv from my company..

Also, I would like to purchase it from non KYC account to save my KYC account for card offers on gold in future

Upon delivery they will ask for identification (name mentioned in your account) do make sure its updated properly.

Pro Community Angel Pro Community Angel
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GKN wrote:

The gv’s are genuine from my company, but Will i need to pay some tax on gift for accepting more than 1L gv from my company..

Also, I would like to purchase it from non KYC account to save my KYC account for card offers on gold in future

Tax is not an issue, non kyc might lead to account block, if possible split in smaller orders of value upto 50k or 1 lac rather than a single shot

Deal Subedar Deal Subedar
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@GKN your employer may consider this perk and deduct TDS from your salary
Better to sell at 2 to 2.5% discount

Deal Cadet Deal Cadet
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BAT_MAN wrote:

which employer is giving 1L+ az gv? flushed

It was rewards accumulated for past 6 years in my work smile

Deal Captain Deal Captain
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GKN wrote:

It was rewards accumulated for past 6 years in my work smile

Well done bro..

Deal Cadet Deal Cadet
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ami123 wrote:

@GKN your employer may consider this perk and deduct TDS from your salary
Better to sell at 2 to 2.5% discount

We have a separate portal for rewards.. I dont think they would deduct separated TDS from my salary

Budding Star Budding Star
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GKN wrote:

It was rewards accumulated for past 6 years in my work smile

I got 1k az gv from employer as Diwali gift pensive

Deal Cadet Deal Cadet
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BAT_MAN wrote:

I got 1k az gv from employer as Diwali gift pensive

Ur case is better than mine

I got nothing for diwali, not even soanpapdi

Deal Cadet Deal Cadet
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BAT_MAN wrote:

I got 1k az gv from employer as Diwali gift pensive

We got 0 as a gift bro..
If we do additional work, they will post rewards and we can purchase products/vouchers as we like..

Deal Subedar Deal Subedar
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GKN wrote:

@bikidas2060 @kukdookoo @Ash @24karat
@MJ911 @caks2006407 @MrKool_JJ @malikcool @guest_999 @AyushiiiVijay @Wontdisplaymyname @pingpong @saucap @vijkap201 @MJ911 @bumblefoot @ Wander-lust @BubbleBoyChickenLittle @_One_Miller_
@andromeda @androgame @Total_Fun @Gaurav_G @Priyanka @xuseronline @cancob
Kindly suggest will there be any questions if i use gv.

no issues but you will pay atleast 5% premium

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