Cash and Gold How much can be kept in the house? Such questions are trending in the internet. Ever since the Enforcement Directorate is raiding the houses of the country’s eminent leaders and recovering crores of rupees of cash and gold. Reading the news of ED raids, people are sweating that the gold and cash kept in their house should not be noticed by the ED.
By the way, if you have legal cash means white money and gold bought with your honest money, then you will never be a money laundering case, but you can keep hard earned money in the house only up to a limit.
ED got only 11.5 lakh rupees from Shiv Sena MP Sanjay Raut’s house in Patra Chawl scam, which is not a big amount, yet ED arrested him, while on the other hand West Bengal teacher recruitment scam accused Partha Chatterjee 50 crore cash and 4 crore gold were found from friend Arpita Mukherjee’s house. Both the cases are related to money laundering and corruption. Even though Sanjay Raut has got 11 lakh cash and Arpita has 50 crore cash. Both are facing the same type of lawsuit.
How much cash can a common person keep at home?
Any person can keep as much money as he wants in his house, provided it is necessary to have an account of every note included in that cash. It means to say that whether you have 10 lakhs or 10 crores cash in your house, their source is correct.
If you have borrowed money from someone, then proof of that will have to be shown, if that money is earned by you legally, then proof of source of income will have to be shown. And if that money has been earned by doing wrong things, then you will also be in the same condition as you are seeing in the news at this time.
If you are not able to give account of the cash found in the house?
If government investigative agencies get Rs 1 crore in your house and are unable to tell their exact source, then you are fined 137% of that amount.
How much transaction in cash is legal
How much transaction is legal to do in cash: According to the new rules of the Central Board of Direct Taxes (CBDT), a person cannot transact more than Rs 20 lakh in cash in a year.
It is being talked about in cash, if you do transactions of crores of rupees every day from the rest of the bank, then there is no problem, but the money deposited in the bank should also be properly accounted.
How much gold can a common person keep in the house?
Gold Storage Limit: You can keep any amount of gold in your house like money and keep it in any way. But here also you should have a correct account of every milligram of gold and documents like bills.
- How much gold is allowed as per income tax
- If gold is inherited from the family, then there should be family settlement papers.
- If someone has given gold as a gift, then there should be a gift deed.
What if gold is kept but paper is not there?
- The government has given you the freedom to keep a certain amount of gold even if you do not have paper.
- A married woman can keep 500 grams of gold without papers
- An unmarried woman can keep 250 grams of gold without papers
- A married man can keep 100 grams of gold without documents and an unmarried man can keep the same amount of gold.
- A family can keep 950 grams of gold without any paper.