Cash and Gold Limit: Everyone considers it safer to keep their earnings at home than in the bank. But now it is not that there is no limit to keep gold and money at home also, if you keep more money or gold than that limit then action will be taken against you. Let us know how much cash should be kept at home.
At present, there is a lot of discussion about the Enforcement Directorate in the country. The agency raided the places of some leaders, in which crores of rupees were found. Banks generally became prevalent in Indian society later. Most of the people have been keeping some part of their earnings in the form of cash at home for a long time.
But don’t keep cash or expensive gold-silver jewelery at home for at least the last three decades. The money and jewelery are now kept in the bank. What kind of people keep only some important work at home. In the raid conducted by the Enforcement Directorate, 11 lakh rupees have been found from the house of Shiv Sena leader Sanjay Raut and 50 crore rupees from the house of Arpita Mukherjee.
There is a rule to keep cash in the house. Exceeding the prescribed limit may lead to legal action. In such a situation, the question arises that how much money and gold can a person or family keep.
How much money can we keep at home?
Any common man of the country can keep as much money as he wants in his house, but it is necessary to know the source of this money for sure. But during the raid, the investigating agency confiscates the huge amount of cash found in the house or business establishment.
After this you are given a chance to prove that it is your and legally earned money. If you are unable to account for the money seized from your house in the investigation, then you may have to pay a fine of up to 137%. Apart from this, according to the new rules of the Central Board of Direct Taxes i.e. CBDT, which will come into force in the country from May 26, 2022, a person cannot make a cash transaction of more than Rs 20 lakh within a year.
How much gold can be kept at home?
In Indian society, women love gold and silver jewellery. Every woman definitely has some gold and silver jewellery. In Indian society, there is a tradition of buying gold in every kind of festival from marriage. In such a situation, the government has given permission to keep a certain amount of gold in the house even if there is no paper or evidence.
Any married woman can keep up to 500 grams of gold. An unmarried woman can keep up to 250 grams of gold. Married men can keep up to 100 grams of gold. Unmarried men can keep up to 100 grams of gold with them. If you want, you can keep any amount of gold in your house. All you need is proof of gold kept at home.
Under Section 132 of the Income Tax Act, 1961, IT officials have the right to seek information about the source of gold if the investigating agency seizes a large amount of gold from your home. Under this mainly one of the 3 types of documents has to be shown.
First of all, if you have bought gold, then you will have to show the documents related to it. Second, if the gold has been received from the family, then the documents related to the family arrangement will have to be shown. Third, if you have received gold as a gift, you will need to show the gift deed for the same.
What action agencies take on receipt of illegal money or gold
In this case, senior Supreme Court lawyer Virag Gupta says that the Income Tax Department, Customs Department and ED all the three investigating agencies have the right to confiscate illegal, benami or illegal gold, property or money under different laws. If we talk about ED, then under the Prevention of Money Laundering Act 2002 i.e. PMLA 2002, it has the right to confiscate illegal or benami property. If it is about the Custom Department, then under the Custom Act, it has the right to confiscate the money or property earned from smuggling. If there is an Income Tax Department, it has the right to confiscate the property under the Income Tax Act.
What is the punishment for receiving illegal money and gold?
The PMLA Act 2002 was implemented throughout the country in 2005. Till now this law has been amended thrice. If found guilty under this law, the punishment can be from 3 years to 7 years. Not only this, under this law the agencies can attach and confiscate the property of the accused.
If found guilty under the FEMA Act, there is a provision of imprisonment of up to 5 years in some cases. Apart from this, the recovery of illegal property can be fined up to three times. Under the Income Tax Act 1961, there is also a provision of imprisonment of 4 to 10 years for the culprits for confiscation of disproportionate assets.
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