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Querist : Anonymous

Querist : Anonymous (Querist)

02 November 2016 Dear Sir
An assessee who has sold his plot for 22 lacs and withdraw entire amount from his bank a/c. Now I want to ask that what is the allowed limit to keep cash in case of an individual assessee?

Please clarify?

Amol S Joglekar

Amol S Joglekar (Expert)
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02 November 2016 No limit for keeping cash. It is at owner's risk.

Querist : Anonymous

Querist : Anonymous (Querist)

02 November 2016 What kind of risk in the above case?

Amol S Joglekar

Amol S Joglekar (Expert)
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03 November 2016 theft, burglary, embezzelment etc are some of the risks associated with keeping CASH at home

Querist : Anonymous

Querist : Anonymous (Querist)

03 November 2016 Suppose he travels through the train with his cash then what kind of document he should keep with him for the satisfaction of authourties ?

Amol S Joglekar

Amol S Joglekar (Expert)
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03 November 2016 he can simply keep the bank statement/pass book, as the case may be, to confirm that he has withdrawn 22 lakh from the bank.....the same amount he is carrying with him.

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