I want to sell old coins and notes ? Is selling legal and tax?

If you want to sell you old coins and notes at best price. Then first you have to figure out following things-

  1. Is your coin or notes real having some value?
    To know value of your coins and notes you have to first check date of your coins and notes. Then try to google that item and then go to trusted website like Madhurarts, Coinbazzar.com, Ebay and other website for price reference also you can refer to apps like Coinage of India, Bank Notes of India or you can buy book.
    Note:- Never Trust Price of Quickr, Indiamart and OLX
  2. If that coin and note is having some value then how much is that amount?
    Best and free way to check your coin and notes price is by downloading Coinage of India, Bank Notes of India app on your smartphone. You can easily know exact price of your coins and notes.
  3. Now i know my item value, so how i can sell my item at best price?
    If your item is realy having some value then you can definetly sell your coins and notes. These are the following ways you can sell you coins and notes.
  • Sell Online
    Selling online is not so easy and there is only very few buyer who can buy your items. But there is some few genuine website where you can sell your collection MadhurArts, Novelemporium and Ebay.com
    Note: Never Trust OLX, Quickr, Indiamart for selling coins.
  • Sell Offline
    You can sell your items in Exhibition and Near by Local Antique Shop
  • Sell in Auctions
    In Exhibition you can sell your items in Auction. For that you have to send your item to the Auction Organizer before due date provided on there website.

Is selling legal?

Yes selling old coin in India is 100% legal. But outside India you only can sell items less than 100 year old. If you sell 100 year old coins and note outside India without any permission than you may be in big trouble

Tax on Selling old Coins?

If you sell your ancient coin online then you have to pay 5% gst to government of india. But if you sell your coin offline directly to dealer then there is 0% tax on that but if your coin value is above 2Lakh rupees then you have to pay income tax on it.

Is there any charges on selling?

No there is no charges on selling your old coins and notes. If anybody ask you for money then that person is definitely a Fraudster. Don’t give your valuable money to any one.

Note: Keep in Mind Before selling Government and Bank Never buy your old coins and notes. Always Beware from fraud people, fake calls, SMS and fake websites. Also Always keep in mind not every coin and note is rare. Only few items is having 1lakh-10lakhs plus value and that is not easy to get these coins and notes. Kindly Beware.
Thanks if you like this blog kindly please comment your opinions.

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