Despite the era of digital payments, many people continue to carry cash at home for transactions. But the Income Tax Department’s crackdown has raised questions about the legal limit for keeping cash at home. According to the Income Tax Department, there is no specific limit for keeping cash at home. However, the source of the deposited funds must be valid. You can keep any amount of cash if you can prove it came from your salary, business, or legitimate transaction.
What Does the Income Tax Act Says?
According to sections 68 to 69B of the Income Tax Act, if you are unable to prove the source of cash or property, it will be considered as unclaimed income. This can attract heavy tax and a penalty of up to 78%. If there is suspicion of tax evasion, a case can also be filed.Therefore, it is important to have proof of its legitimate source before keeping cash at home.
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