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Do I have to pay any taxes when I sell gold to withdraw money into my account?

Yes. Capital gains from the sale of gold is taxed based on whether it is short term or long term capital gains. 


If you sell your gold assets (which may be gold jewellery, digital gold or coins) within three years from the date of purchase, any proceeds from that sale will be considered Short-Term Capital Gains(STCG). It will basically be added to your annual income and as a result you will have to pay tax effectively on the highest income tax slab under which your income falls.


On the other hand, If you sell your jewellery, gold coins or digital gold after three years or more from the date of purchase, the proceeds from the sale will be classified as Long-Term Capital Gains (LTCG). Long-term capital gains from the sale of gold assets are taxed at 20%, with applicable surcharge and education cess.

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