Cash and Gold limit: Everyone considers it safest to keep their earnings at home rather than in the bank. But now it is not so, there is a limit for keeping 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 residences of some politicians and recovered crores of rupees. Generally, the practice of banking in Indian society came 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 for at least the last three decades, one has not kept cash or expensive gold and silver jewelery at home. 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, Rs 11 lakh was found from the house of Shiv Sena leader Sanjay Raut, and Rs 50 crore was found from the house of Arpita Mukherjee. There is a rule to keep Cass in the house. If it exceeds the prescribed limit, legal action may be taken. In such a situation, the question arises that how much money and gold can a person or a family keep?
How much money can we keep at home?
Any common person of the country can keep as much money as he wants in his house, but it is important to know the source of this money for sure. But the investigating agency confiscates the huge cash found in the house or business establishment during the raid. After this you are given a chance to prove that it is yours and the money earned legitimately.
If you are unable to account for the money seized from your house during investigation, 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 be implemented in the country from May 26, 2022, no person can transact more than Rs 20 lakh in cash within a year.
How much gold can you keep 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 to marriage. In such a situation, the government has given permission to keep a fixed quantity of gold in the house even if there is no paper or proof. 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 themselves. If you want, you can keep any amount of gold in your house. You just need to have proof of the gold kept at home.
What documents are required to be shown if excess gold is found in the house?
If the investigating agency seizes a large amount of gold from your house, then under Section 132 of the Income Tax Act 1961, the IT officials have the right to ask for information about its source. Under this, mainly any of 3 types of documents have to be shown.
First, if you have bought gold, then you have to show the documents related to it. Second, if gold has been received from the family, then documents related to the family settlement have to be shown. Third, if you have received gold as a gift, then the gift deed related to it has to be shown.
What action do agencies take when illegal money or gold is found?
In this case, senior Supreme Court lawyer Virag Gupta says that the three investigating agencies, Income Tax Department, Custom Department and ED, have the right to confiscate illegal, benami or illegal gold, property or money under different laws. If we talk about ED,
it has the right to seize illegal or benami property under the Prevention of Money Laundering Act 2002 i.e. PMLA 2002. If it is a case of Custom Department, then under the Custom Act, it has the right to confiscate money or property acquired through smuggling. If there is an Income Tax Department, it has the right to confiscate property under the Income Tax Act.
What is the punishment for finding illegal money and gold?
PMLA Act 2002 was implemented across the country in 2005. This law has been amended three times so far. If found guilty under this law, the punishment can range from 3 years to 7 years. Not only this, under this law the agencies can confiscate and confiscate the property of the accused.
If found guilty under the FEMA Act, there is a provision of punishment up to 5 years in some cases. Apart from this, a fine can be imposed up to three times the amount of illegal property found. Under the Income Tax Act 1961, there is also a provision for imprisonment of 4 to 10 years for the culprits if disproportionate assets are confiscated.
