Big investigative agencies like Income Tax, ED, CBI have recovered cash worth crores of rupees from people’s homes by raiding many places in the past. The Enforcement Directorate or ED seized Rs 50 crore in cash from Arpita Mukherjee’s flat in a major operation in West Bengal. Even before this similar action has been taken many times. Let’s know about it in detail.
In such a situation, the question arises that how much cash can a common man keep in his house? With how much cash kept in your house are you safe and not afraid of any investigating agency? Today we are going to tell about this in detail.
According to the rules of the Income Tax Department, 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 panic. But if you are not able to tell the source, then the agency will take its own action.
Some important points to know
- Failure to disclose the source of money kept at home may result in a fine of up to 137 percent.
- Transactions exceeding Rs 20 lakh in cash in a financial year may attract a fine.
- According to CBDT, it is necessary to give PAN number for depositing or withdrawing cash of more than Rs 50,000 at a time.
- If a person deposits Rs 20 lakh in cash in a year, then he will have to give information about PAN and Aadhaar.
- Fine up to Rs 20 lakh may have to be paid for not providing PAN and Aadhaar information.
- Purchases cannot be made in cash more than Rs 2 lakh.
- A copy of PAN and Aadhaar card will have to be given if purchases of more than Rs 2 lakh are made in cash.
- The person can come on the radar of the investigating agency on the purchase and sale of property worth more than Rs 30 lakh in cash.
- During the payment of credit-debit card, if a person pays an amount of more than one lakh rupees in one go, then investigation can be done.
- Cash of more than Rs 2 lakh cannot be taken from your relatives in a day. This has to be done through the bank.
- The limit for donating in cash has been fixed at Rs 2,000.
- No person can take a loan of more than 20 thousand in cash from any other person.
- TDS will be applicable for withdrawing cash above Rs 2 crore from the bank.
