How much cash can be kept at home, if you break the limit, you will have to pay a heavy fine, know what are the rules of income tax

New Delhi. By the way, since demonetisation, people have stopped keeping more cash at home (Cash Limit at Home). But some people still keep cash at home for emergencies or to avoid the hassle of going to banks and ATMs. However, very few people know that it is right to keep cash in the house or it comes under the purview of the law. If you also keep cash in the house, then this question must have arisen in your mind that how much cash can we keep in our house?

Let us tell you that no limit has been fixed for keeping cash in the house. According to the rules of Income Tax, you can keep any amount of cash in your house, but if it is caught by the investigating agency, then you will have to tell its source. If you have earned that money legally and have complete documents for it or have filed income tax return, then there is no need to worry. But if you are not able to tell the source, then the agency will take its own action.

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Know when and how much is the fine
If you do not give the account of cash then your difficulties may increase. 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 correct information about that cash also, then you may have to pay a heavy fine. The amount of cash recovered from you can be taxed up to 137% of that amount. This means that the amount of cash kept with you will definitely go and you will have to pay 37% on top of that.

keep these things in mind
Let us tell you that you will have to show PAN card for withdrawal or deposit of more than Rs 50,000 in the bank at one go. At the time of purchase, payment of more than 2 lakhs cannot be made in the case. 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, even then you will have to show PAN and Aadhaar in the bank.

Tags: business news in hindi, income tax notice, income tax raid

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