Gold, Cash Storage at Home: Many times you get to hear that the Income Tax Department has raided a person's house or office and recovered a large amount of cash and jewelry. In such cases, sometimes cash and jewelry are confiscated and sometimes the person is also arrested. This raises many questions in people's minds about whether it is a legal offense to keep a lot of cash or jewelry at home. If you can keep it at home, then how much can you keep? Let us tell you about it in detail.

Rules for keeping cash at home
According to media reports, the Income Tax Department has not set any limit on keeping cash at home. That is, you can keep any amount of cash at home, it is just necessary that the money is from a valid source. This should be mentioned in your income tax return. Let us tell you, that Sections 68 to 69B of the Income Tax Act have provisions for income without source. If you are unable to tell the source of cash, then it will be considered as income without source and a heavy penalty can also be imposed on it. Tax can be levied up to 78 percent on it.

Rules on gold at home

Under the Income Tax rules in India, a limit has been set for keeping gold at home. According to this, this limit is different for men and women at home. According to the rules of CBDT (Central Board of Direct Taxes), you can keep only a certain amount of gold at home. If you keep more gold than the prescribed limit, then you will have to provide proof of it. You should also have receipts related to the purchase of gold.

How much gold can women keep

According to the Income Tax Act, married women can keep 500 grams of gold at home. Whereas for unmarried women, the limit of keeping 250 grams of gold has been fixed. At the same time, men are allowed to keep only 100 grams of gold.

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