In two separate cases, the Enforcement Directorate has collected a huge stash of cash and gold from Shiv Sena MP Sanjay Raut and Arpita Mukherjee (a close aide of now sacked minister Partha Chatterjee). While the premiere investigative agency has seized cash worth Rs 11.50 lakh from Raut’s residence for his alleged link to irregularities in the redevelopment of a Mumbai ‘chawl’, Rs 50 crore of cash and gold were seized from Arpita’s flat who is allegedly involved in a money-laundering case in West Bengal state teacher recruitment scam.
The official raids conducted by the agencies have ignited a lot of curiosity among people as to how much cash and gold one can keep in their houses/lockers.
Here is all about the permissible limit of money one can keep at home
People can keep huge amounts of money in their houses if they wish to, however, the source of the money has to be ascertained when being questioned. Suppose investigative agencies find Rs 1crore in your house during a raid, in this situation you should be able to tell them the source of the money/cash being found at your place. If you fail to show proof of your money or income, you could invite trouble and be liable for a penalty of up to 137%.
Here is all about the permissible limit of gold one can keep
As per the Income Tax permissible limit, the following is the amount of gold or gold jewelry that married women, unmarried women, and male members of the family are allowed to keep gold.
|SN||DESCRIPTION||Acceptable quantity of gold|
|1||Married Women||500 grams of gold|
|2||Unmarried woman||250 grams of gold|
|3||A male member of the family||100 grams of gold|
It may however be noted that the above Acceptable quantity of gold or permissible limit of gold applies to only members of the family. If the gold as above permissible exceeds and pertains to some other member (then the family), the gold or gold jewelry may be seized by the tax officials.
Furthermore, it will be up to the discretion of the assessing officer if he/she may allow a higher quantity of gold to be left unseized based on factors such as family customs and traditions.
The quantity of gold is applicable to individual taxpayers in the above permissible limit. However, if a single is used to store gold or gold jewelry from multiple families, the limit will be an aggregate of each individual taxpayer. But if you have joint lockers having the names of the individual taxpayers (who are holders of gold or gold jewelry), the confusion is easily avoided.