There is a limit to keep cash in the house, know which limit can be more difficult for you

In today’s time, most transactions have become digital. There are very few people who keep cash. People like to pay online for every small and increased thing. But there are some people who like to keep cash. So can people keep cash in the house as much as you want or any limit has been fixed for this. The question arises in the minds of many people, how much cash it is legally right to keep in the house. And which limit can cause difficulties if there is more cash. Let us tell you complete information about this.

Is there a limit to keep a cash?

If we talk about the limit of keeping cash in the house, then there is no limit fixed for this. You can keep as much cash at home as you want. But some rules and precautions are necessary if you keep a large amount from the point of view of law. If you have more cash and it was not declared correctly with income or source.

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So it can raise questions under the Income Tax or Money Laundering Act. It is okay to keep cash in a little limit for home needs. But if you keep millions or crores of rupees in the house. Then it can be difficult.

What can be punished?

If the amount of cash kept in the house was not declared correctly according to the rules and laws. So legal action can be taken. The Income Tax Department can consider it as a hidden income and can investigate it. Apart from this, the police or income tax department can also interfere in the case of money laundering or suspected transactions.

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If you keep a lot of cash at home, then you have to give proof of having so much cash. If you give the correct evidence then no action will be taken. But if you are unable to give proof. So it may have to pay fine and tax. So there may also be a jail sentence in some cases.

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