Cash Limit at Home: – By the way, after demonetization, people have stopped keeping more cash 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 whether it is right to keep cash at home or whether it comes under the purview of the law. If you also keep cash at home, then this question must have come in your mind that how much cash can we keep in our home?
Let us tell you that no limit has been fixed for keeping cash in the house. According to the income tax rules, you can keep any amount of cash in your house, but if that investigation agency gets caught, then you will have to tell its source. If you have earned that money legally and have complete documents or 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.
Know when and how much fine has been imposed
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 the correct information about that cash, then you may have to pay a heavy fine. The amount of cash withdrawn by you may be taxed up to 137% of that amount. This means that the cash kept with you will definitely go and on top of that you will have to pay 137%.
Cash Limit at Home : 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. 2 lakhs cannot be paid in the case at the time of purchase. For this also you have to show PAN and Aadhaar. Even if you deposit more than Rs 20 lakh in cash in your bank account in a year, you will have to show PAN and Aadhaar in the bank.