If you hit the ball into the water there is a one shot penalty. You can either drop the ball 2 club lengths from the edge of the hazard or you can go back as far you like in line with the point where the ball entered the hazard. Or you can even go back to the tee, you will be playing 3 off the tee.
That is not strictly correct. The question asks only about "water". There are two "types" of water in the Rules of Golf. i.e. Casual Water(CW) , which is a temporary collection of water, and water in a water hazard. There are two types of water hazard i.e Regular water hazard(WH) and a lateral water hazard, (LWH). It is still a WH or LWH even if there is no water in it.
If your ball is at rest in Casual Water, you are required to proceed, without penalty, under Rule 25-1. If your ball is at rest in eithe a WH or LWH, you must proceed under Rule26-1.Note. If your ball lies in a LWH you have an additional relief optionviz.Rule26-1c.
Which ever relief option you wish to prcoceed under in Rule26-1 it will cost you a penalty stroke. However, a player is not obliged to take relief. He ALWAYS has the option to play the ball as it lies, Rule 13-1.
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First of all, you can simply play the ball as it lies, however you must not ground your club, if you do so in strokeplay it is a 2 stroke penalty, in matchplay it is loss of the hole.
If you hit your ball into the water hazard, interestingly, you do not have to find it, you simply need to know it entered the hazard, if you cannot find it you may substitute another ball.
The options from a water hazard are,
1. Play the ball as it lies,
2. Take a 1 stroke penalty drop, two club lengths from the edge of the hazard, keeping the point of entry between you and the flag. (or use the drop zone if one is designated)
3. Take advantage of the stroke and distance rule, (a one stroke penalty) take the ball as far back as you like, again keeping the point of entry between you and the flag.
4. Go back to where you played the last shot from and play another shot from as close to the position as possible (again one stroke penalty)
Under rule 28 there are three options:
Drop the ball without penalty in the bunker with the least amount of water, but not nearer the hole.
Drop the ball behind the bunker with a penalty of one stroke
Declare the ball unplayable and follow rule 28 which allows drops and a penalty of one stroke.
Water hazards: Whenever you see yellow stakes, you know the pond/creek/lake in question is a water hazard. If you hit into a water hazard, you may play the ball as it lies (no penalty), or if the ball is unplayable, choose from these options (with a one-shot penalty):
Lateral water hazards: If you're playing by the seaside, the beach is often termed a lateral water hazard. Red stakes mean lateral. Your options are either to play the ball as it lies (no penalty, but risky), or choose one of the following (with a one-stroke penalty):
As far back as you want keeping the point where the ball entered the water between you and the pin, two club lengths from the nearest point of relief on line of where the ball entered the hazard or go back and replay the previous shot. You must take full relief, so you cannot drop it in a hazard, each option costs a penalty shot.
when you hit a golfball in the water, and you cant get it out, you drop another ball from where you hit the one into the water. Do not drop the ball any closer to the hole. This will be a penalty shot for dropping a ball. Say you had played your 2nd shot when you hit your golfball in the water, the next shot you would be hitting would be your 4th shot beacuse dropping a ball is one penalty shot.
You have two options: You can take a 1 shot penalty and replay the ball from where you originally hit it; or you can take a 1 shot penalty and drop it behind the hazard as far as you want.
You play it from where it ends up after that. If your ball ends up by a water hose and it interferes with your lie you may take free relief from it.