Here very Smart Tips to Convert Black Money in to White Step by Step :
CASE 1: Go to a Jeweler. Give him the sum you need to change over into white as money. he would give you a return for a similar sum less 4%. He would give you a buy bill to demonstrate that you have sold silver utensils to him. On the measure of the check when you record your arrival you will need to pay no capital pick up expense as Silver utensils are Personal impacts and capital pick up does not emerge marked down of belongings. There you go , the cash is white at this point!!!
CASE 2: Conversion of Black Money to White Money with the utilization of Sec 51 of the Income charge act, 1961.
Mr. X : A Business man who needs to change over his dark cash to white.
Property: Cost of Acquisition: Rs. 10 Lacs.
Mr. Y: A Salaried individual who needs to change over his white cash to dark might be on the grounds that he needs to make installment in dark for the property acquired by him.
Mr. X goes into a concurrence with Mr. Y for the offer of property for Rs. 150 lacs with a condition that propel cash of Rs. 30 lacs might be given by Mr. Y and adjust might be paid inside 3 months else propel cash should be relinquished.
Usual way of doing things: Mr. Y makes installment of Rs. 30 lacs to Mr. X by method for a check as the propel cash and Mr. X in turns gives the dark cash to Mr. Y of a similar sum. Presently, Mr. Y deliberately neglects to make adjust installment inside the due time and the sum is relinquished by Mr. X. In this way dark cash of Mr. X is changed over to white money.The cash is white at this point!!!
CASE 3: Another prominent method for changing over dark into white cash is by getting a blessing from a relative. For this usual way of doing things, the relative must have white cash. For instance, you have some dark cash (say Rs. 10 lacs) which you need to change over into white. You can request that your relative blessing you Rs.10 lacs by method for check and you will thusly exchange your dark cash to him/her. Here 56(2)(vii) is not pulled in as blessing is gotten from a relative.
CASE 4:- Converting dark to white by method for check
Individuals likewise give the dark cash to a man (say a relative or a companion) and take a check from them. They demonstrate that as a credit receipt and in this manner they can incidentally change over their dark cash into white.
At that point they again give them a check as a reimbursement of advance and get money which changes over white to dark once more, yet amid the time the advance is exceptional, they change over their dark into white, however individuals who do this don’t know that Section 68 on advances is appropriate and you will need to demonstrate the financial soundness and in addition the validity of exchanges to the IT Department or else the advance receipt will be dealt with as salary from undisclosed sources.
CASE 5: Another prominent method for changing over dark into white cash is demonstrating wage in real money like educational cost wage or whatever other expert fees.Just pay the expense at ordinary rate and your cash is white now!!!!
Likewise individuals make venture where it is permitted to put resources into money and where the development is tax exempt for instance purchasing a protection arrangement where you are not required to demonstrate all your premiums and the development is tax exempt. For instance your protection premium is 25000/ – per annum and you can pay 6000 under wraps (appeared in books) and staying in real money, individuals expanding the extent of premium paid in real money expanding as and pay whole premium in white for most recent two years before development. No ITO will check premium of all the more then most recent two years and it is a little illustration. Individuals are paying gigantic money premiums regular. If there should be an occurrence of this little premium, the cost of examination surpasses the advantage to the exchequer so the ITO will give a test check for at the maximum most recent two years.