Cash Limit at Home – If you also keep more cash in your house, then definitely read this news once. Actually, today we are going to tell you in this news that according to the rules of income tax, how much cash you can keep in your house. Let’s know in this news below.
In today’s era, the trend of digital transactions may have increased in the country, but still a large number of people rely only on cash at the time of emergency. For this reason people prefer to keep cash at their home. However, very few people know that it is right to keep cash limit at home or it comes under the purview of the law. We are going to give all the information related to this in this article.
How much cash can be kept?
As per the rules, you can keep as much cash at home as you want. No limit has been set by the government regarding this, but the condition is that whatever cash is available with you, where did it come from and what is its source. You should have complete information about it.
Full payment of tax
If you have a large amount of cash, then tax should be paid in full on it. With this, you should have all the documents related to tax payment, so that you can easily give any information related to cash when asked by the Income Tax Department.
In this case, fine may be imposed-
If your house is raided by the Income Tax Department and a large amount of cash is recovered. Along with this, if you are not able to give the correct information about that cash, then you may have to pay a heavy fine. The fine can extend up to 137 per cent of the amount seized in the raid.
Important things related to cash transaction-
While withdrawing or depositing more than Rs 50,000 in the bank at one go, you will have to show the PAN card.
– Payment of more than 2 lakhs cannot be made in the case while shopping. For this also you have to show PAN and Aadhaar.
If you make a cash deposit of more than Rs 20 lakh in your bank account in a year, then PAN and Aadhaar will have to be shown in the bank.