Cash-in-hand

Querist : Anonymous (Querist) 22 September 2011 This query is : Resolved
I want to know that how much cash-in-hand I can keep in my accounts and for how long?

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ajay sethi (Expert) 22 September 2011
you can keep any amount of money in your savings account /current account as you desire .

Querist : Anonymous (Querist) 22 September 2011
I mean not in bank. I want to keep money at my home.

Sailesh Kumar Shah (Expert) 22 September 2011
There is no law, which fix any ceilling limit for cash in hand. You keep any amount as you want.

R.Ramachandran (Expert) 22 September 2011
But, when any question arises, you should be in a position to account for it - i.e. the source from which you got it.

ajay sethi (Expert) 22 September 2011
if you want to keep cash in hand can you account for the same? if tomorrow there is an income tax raid you will be in trouble .

Querist : Anonymous (Querist) 22 September 2011
are u sure because when i asked my lawyer he told me that you can keep big amounts up to max. of 7-8 months. After that you have to invest it some where or you have to deposit in bank.

R.Ramachandran (Expert) 22 September 2011
Even we are also saying the same thing. You can keep any sum of amount in cash. But the only thing is, as and when questioned by competent authority, you should be able to account for it. When your lawyer told you that after some time you should invest or deposit it in bank - naturally you have to furnish your PAN No. That means that the lawyer has assumed that the cash in your hand is already accounted in your books, and therefore you can keep.

Querist : Anonymous (Querist) 22 September 2011
ok..thanks vey much..

Guest (Expert) 22 September 2011
Cash in hand beyond your sources of income or the money that is not accounted for properly in terms of the income tax law is questionable any time. All that depends upon the amount in cash received individually from each of the different sources and the purpose of receipt. Any cash transaction of Rs.20000 or more is questionable.

Raj Kumar Makkad (Expert) 22 September 2011
There is no limit of cash to be retained and even there is no time limit. Source of money should be legal.

Sailesh Kumar Shah (Expert) 22 September 2011
Dear SKJadvt-sardarsena

Can i know that what is the meaning "CEO of unregistered out fit"?

M/s. Y-not legal services (Expert) 22 September 2011
If your money is white money, you can keep it in your hand. There is no limitation for digit as well as time period. White money mean accountable. If your money is unaccountable mean you are responsible to face some problems.

Advocate. Arunagiri (Expert) 22 September 2011
You can keep any amount in cash in hand.

If you have proper accounts, no problem for your money.

A V Vishal (Expert) 22 September 2011
Under the Wealth tax Act, Cash in hand
1. In case of an individual and HUF cash in hand in excess of Rs. 50,000/- shall be included in assets.
2. In cash of any other person cash in hand not recorded in the books of account shall be included in assets.

prabhakar singh (Expert) 23 September 2011
I agree with Expert MR.VISHAL who has caught "cash in hand" the real crux involved.

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