How people Using Ways To Convert Black Money Into White.
How people Using Ways To Convert Black Money Into White.
Depositing Black Money on name of Family members
Another popular method for converting black money to white is to open bank account on each and every individual family member. Deposit black money on the name of every family member to convert it in white
Bogus Loan Entry
Popular method people use to convert black money to white is by showing bogus loan entry. Modus operandi under this case will be people give black money to friend or relative and take a cheque from them. This is kind of bogus loan entry to convert black money to white.
howing Income as Agriculture Income
Another popular way of converting black money in to white is by showing income as agriculture income. In order to show income as agriculture income you must possess land and it must be used for agriculture purpose like plantation, garden nursery etc.
However there are various conditions you need to satisfy in order to claim agriculture income.
Sale of personal belonging like Jewelry
Go to known jeweler and give him all black money you want to convert. He will give you cheque for the same amount. He will also give you purchase bill showing you sold your personal Jewelry to him. By this way your Black money is converted to white and you need not to pay capital gain tax even.
Getting Black money as gift
Another popular way to convert black money to white is by getting gift from relative. Modus operandi is simple you have black money and your relative has the same amount of white money. Your relative issues cheque to you as gift and you will give your black money to him/her.
By Real Estate
Real estate is sector where majority of black money is parked. People use real estate deals to convert black money to white. It is observed that people do fake real estate deal exchange money and cancel these deals due to non-payment of money.
By Declaring Black Money
Best method for converting black money to white as per me is by declaring this money to IT authorities and paying tax on this money to convert it in white.
Disclaimer –
I don’t recommend readers to follow any of these methods for black money conversion. This article is just for exposing loop holes of our system. I am against black money and black money generation ideas.
Article Credit: MONEYEXCEL
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