Converting black money to white

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 November 2013 Sir, I want to convert black money to white by giving it to jeweller and he will in return give me the amount in cheque and I would show it in my return as Sale of Gold. Is it practically possible.
Please reply asap.

Thanks in advance

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 November 2013 Dear Saurabh,

it is possible that we should request Admin to lodge official complaint against you with ICAI and relevant government authorities. It would be further helpful if you can share the name of the jeweler too.

regardless, with regards to your scheme of things, how would you account for the purchase of gold??

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

18 December 2013 Dear Nikhil Kaushik
You are taking this in other way, this post was just to gain knowledge about the Great Income tax laws in which there are so many tools to tackle with expedite. This was just a doubt that came in my mind while discussing about the topic MONEY LAUNDERING with my friends, and I WAS NOT SUPPOSED TO BE HUMILIATED for all such bullshit. and at the end I wanna make sure that I m not at all in favor of this evil practice.

Hope you understand.

And lastly I asked this because I can Show gold as given from family.

Thanks

Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 December 2013 1. well than you did very bad job at drafting your query. the better way is to say that can black money be converted into white through the following mechanism...instead of saying that "I" want to convert black money!!!

2. There are no tools in the income tax act to deal with the expedite!! There are gaps that people use to evade taxes. And evasion is not a good thing to do man!!

3. It is not that you can or cannot show where or where not you got the gold from. Even the family needs to establish its source or sufficient income to have that gold!!

4. My attempt was not at all to humiliate you. But I uphold my comments. They were rightly worded.

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