Ceiling on cash amount in house
MOHAMED FIROZ
(Querist) 18 December 2016
This query is : Resolved
For an income tax assessee filing his returns regularly, how much amount of carried over legal money in new denomination can one keep in his house ? Is it compulsory to deposit your cash in the bank ? Can one deposit the same after 01-01- 2017 because of the ceiling of Rs. 2.5 lacs now ? Will there be any restriction on savings bank cash transactions after 01-01-2017 ?
R.K Nanda
(Expert) 18 December 2016
contact tax lawyer.
Rajendra K Goyal
(Expert) 18 December 2016
Discuss in detail with your tax consultant.
Kumar Doab
(Expert) 18 December 2016
Certainly your I tax consultant can advise you.
One needs to have proof of source of funds with him/her.
Advocate. Arunagiri
(Expert) 18 December 2016
There is no ceiling for depositing of money into the bank. You have to disclose the source of income that's all.
There is no such limit is mentioned to keep money at home.
Only the black money holders ought to afraid of this, genuine person, who can declare the source of income need not afraid of these rules.
MOHAMED FIROZ
(Querist) 18 December 2016
Thank you Mr. Arunagiri for your kind reply.
Please enlighten as to which is better:
To deposit the legal money above Rs. 2.5 lacs into the bank now or after 01-01-2017 ?
Advocate. Arunagiri
(Expert) 18 December 2016
There is no legal difference now or in 2017.
However Government is expected to pronounce a new announcement on 01.01.2017.
If you are very keen on depositing it in the bank, If I am in your shoes, I will deposit it after 01.04.2017 only, after the commencement of the new financial year.
MOHAMED FIROZ
(Querist) 19 December 2016
Many thanks Mr. Arunagiri,
Wait and Watch is your advice.
May be change in tax slab.
Rajendra K Goyal
(Expert) 20 December 2016
Rules / instructions / notifications are changing rapidly, have to remain update through media and your CA.
Kumar Doab
(Expert) 20 December 2016
As advised by Mr. Arunagiri, 01.01.2017 is not far off.
Wait and watch for notification.
