What is the Limit Allowed to Keep Cash at Home ??
i Heard its 50000. Any Idea..
Please Inform ...
Thanx
7 Replies
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 23 April 2014
There is no such limit
sourav jain
(INTERNAL AUDITOR)
(128 Points)
Replied 23 April 2014
There is no such limit for keeping cash at home....
Bt while calcualting wealth tax any cash excess/ above Rs 50000 will be considered as wealth and tax @ 1% on wealth above 30lakhs is to be paid.
Karthik Bhaktha
(CA-Student)
(126 Points)
Replied 23 April 2014
When and hOW wealth Tax is Calculated??
Zoya Khan
(ABC)
(800 Points)
Replied 23 April 2014
There is no limit but when we calculate wealth tax,the limit is 50000. FOr wealth tax calculation we take into account varoious assets held by the assessee. Aslo assets are only as per Wealth tax and does not have generic meaning.
SATYADEO CHOUBEY
(SENIOR ACCOUNTANT)
(22 Points)
Replied 23 April 2014
50k from wealth tax point of veiw
VIKASH KUMAR JAIN
(Audit Executive)
(711 Points)
Replied 24 April 2014
No limit.Just keep sources of such cash earnings in hand.
sandeep
(Chartered Accountant)
(58 Points)
Replied 26 April 2014
there is no limit for keeping the cash in hand...you may be confused in terms of wealth tax as for individual/HUF specified limit is rs 50000 in excess of this 1% wealth will be charged subject to the net wealth of 30 lacs
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