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 us 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 depend only on cash at the time of emergency. Because of this people prefer to keep cash in their house. However, very few people know whether keeping a cash limit at home is right or whether 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 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 knowledge of this.
full payment of tax
If you have a large amount of cash, you should pay full tax on it. Along with this, you should have all the documents related to tax payment, so that when asked by the Income Tax Department, you can easily give any information related to cash.
In this case, fine can 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. This fine can be up to 137 per cent of the amount seized in the raid.
Important things related to cash transaction-
You will have to show your PAN card while withdrawing or depositing more than Rs 50,000 in a bank at a time. While shopping, payment cannot be made more than 2 lakhs in the case. For this also you have to show PAN and Aadhaar.
If you deposit more than Rs 20 lakh in cash in your bank account in a year, then PAN and Aadhaar will have to be shown in the bank.
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