For example, you have some black money (say Rs. For this modus operandi, the relative must possess white money. X is converted to white money.The money is white now!!!ĬASE 3: Another popular way of converting black into white money is by getting a gift from a relative. Y intentionally fails to make balance payment within the due time and the amount is forfeited by Mr. X by way of a cheque as the advance money and Mr. Y and balance shall be paid within 3 months else advance money shall be forfeited. 150 lacs with a condition that advance money of Rs. Y: A Salaried person who wants to convert his white money to black may be because he has to make payment in black for the property purchased by him. ![]() X : A Business man who wants to convert his black money to white. ![]() There you go, the money is white now!!!ĬASE 2: Conversion of Black Money to White Money with the application of Sec 51 of the Income tax act, 1961. On the amount of the cheque when you file your return you will have to pay no capital gain tax as Silver utensils are Personal effects and capital gain does not arise on sale of personal effects. He would give you a purchase bill to show that you have sold silver utensils to him. ![]() he would give you a cheque back for the same amount less 4%. Give him the amount you want to convert your cash into white. In addition to those mentioned below there are many other methods which people use to convert their black money into white money.ĬASE 1: Go to a Jeweler. The Article is just to let people know about what others are doing to convert their Black Monet into white money currently in India. The Article no ways encourage taxpayers to use any of the below methods.
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