How Much Cash You Can Keep In Your House See What Are The Rules
Rules of Cash in Home : According to the rules...
Rules of Cash in Home : According to the rules of the Income Tax Department, how much cash can you keep in your house? Because every day cash worth crores of rupees is being recovered from the officials. In such a situation, the question arises that how much cash should the common man keep in his house, so that no action is taken against him? This news will prove to be very important for you to answer such questions.
Must tell source
If he is caught by the investigating agency, then you will have to tell his source to you. If you have earned that money properly, have complete documents for it or have filed income tax return, then you do not need to panic. If you are not able to tell the source, then big investigative agencies like ED, CBI take action against you.
understand what is the rule like this
- According to the CBDT, you may have to pay a fine of up to 137 percent for not telling the source of the money kept in the house.
- Transactions of more than Rs 20 lakh in cash in a financial year can attract a penalty.
- It is necessary to provide PAN number for depositing or withdrawing cash more than Rs 50,000 at a time.
- If a person deposits 20 lakh rupees in cash in 1 year, then he will have to give information about PAN and Aadhaar.
- Failure to provide information about PAN and Aadhaar may result in a fine of up to Rs 20 lakh.
- You cannot make purchases in cash more than Rs 2 lakh.
- For purchases of more than Rs 2 lakh in cash, a copy of PAN and Aadhar card will have to be given.
- A person can come on the radar of the investigating agency for the purchase and sale of cash properties above Rs 30 lakh.
- During the payment of Credit-Debit Card card, if a person pays more than one lakh rupees in one go, then investigation can be done.
- Cash of more than Rs 2 lakh cannot be taken from relatives in a day. This has to be done through the bank.
- The limit for donating cash in cash has been fixed at Rs 2 thousand.
- No person can take a loan of more than 20 thousand in cash from any other person.
- TDS will be levied on cash withdrawal of more than Rs 2 crore from the bank.
read this also:
Swiggy Job Offer: Now with this condition, you can do two jobs simultaneously in Swiggy, the company offering, see what is special
PM Kisan Samman Yojana: Some farmers will get 4 thousand rupees instead of 2, know your installment like this