Rohit Kapoor

The Article no ways encourage taxpayers to use any of the below methods. The Article is just to let people know about what others are doing to convert their Black Monet into white money currently in India. In addition to those mentioned below there are many other methods which people use to convert their black money into white money.

CASE 1: Go to a Jeweler. Give him the amount you want to convert into white as cash. he would give you a cheque back for the same amount less 4%. He would give you a purchase bill to show that you have sold silver utensils to him. 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. There you go , the money is white now!!!

CASE 2: Conversion of Black Money to White Money with the application of Sec 51 of the Income tax act, 1961.

Mr. X : A Business man who wants to convert his black money to white.

Property: Cost of Acquisition: Rs. 10 Lacs.

Mr. 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.

Mr. X enters into an agreement with Mr. Y for the sale of property for Rs. 150 lacs with a condition that advance money of Rs. 30 lacs shall be given by Mr. Y and balance shall be paid within 3 months else advance money shall be forfeited.

Modus Operandi: Mr. Y makes payment of Rs. 30 lacs to Mr. X by way of a cheque as the advance money and Mr. X in turns gives the black money to Mr. Y of the same amount. Now, Mr. Y intentionally fails to make balance payment within the due time and the amount is forfeited by Mr. X. In this manner black money of Mr. X is converted to white money.The money is white now!!!

CASE 3: Another popular way of converting black into white money is by getting a gift from a relative. For this modus operandi, the relative must possess white money. For example, you have some black money (say Rs. 10 lacs) which you want to convert into white. You can ask your relative to gift you Rs.10 lacs by way of cheque and you will in turn transfer your black money to him/her. Here 56(2)(vii) is not attracted as gift is received from a relative.

CASE 4:- Converting black to white by way of cheque

People also give the black money to a person (say a family member or a friend) and take a cheque from them. They show that as a loan receipt and thus they can temporarily convert their black money into white.

Then they again give them a check as a repayment of loan and receive cash which converts white to black again, but during the time the loan is outstanding, they convert their black into white, but people who do this are not aware that Section 68 on loans is applicable and you will have to prove the creditworthiness as well as the genuineness of transactions to the IT Department or else the loan receipt will be treated as income from undisclosed sources.

CASE 5: Another popular way of converting black into white money is showing income in cash like tuition income or any other professional fees.Just pay the tax at normal rate and your money is white now!!!!

Also people make investment where it is allowed to invest in cash and where the maturity is tax free for example buying an insurance policy where you are not required to show all your premiums and the maturity is tax free. For example your insurance premium is 25000/- per annum and you can pay 6000 in check (shown in books) and remaining in cash, people increasing the proportion of premium paid in cash increasing as and pay entire premium in white for last two years before maturity. No ITO is going to check premium of more then last two years and it is a small example. People are paying huge cash premiums everyday. In case of this small premium, the cost of investigation exceeds the benefit to the exchequer so the ITO will give a test check for at the max last two years.

DISCLAIMER

  • I don’t recommend readers to follow any of these steps. I just want them to be aware regarding these false practices.
  • I encourage open discussion regarding this article but advices, opinions, suggestions which may land the opinion seekers into trouble later on are not encouraged.
  • I trust that a tax planning should be done in such a way that it can stand the test of the legal battle of course subject to debates.

 (Author Email – professionalsansaar2013@gmail.com)

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215 responses to “5 Ways People Use to Convert Black Money into White Money”

  1. Prabu says:

    Hi, if anyone need to convert black to white money through share market contact me in whatsapp no 8870081121, please only genuine customer, we convert slow and properly

  2. Rounika Juneja says:

    Hello blackmoney holder or their friends,
    If you have blackmoney and you’re stuck turning it into white I really request you to donate it to me..
    Please. I badly need money for my higher studies..

    If anyone is intrested to help me with this please contact me on:
    junejarounika@gmail.com
    or
    8879782618 (calls and whatsapp)

  3. Mukesh says:

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  4. virendra says:

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    Ifsc code : UCBA0001350
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    PROPRITER: VIRENDRA SINGH

    Limit only 50ty lakh
    Deposit money get your check of your money after 10% charge mobile no 9541897169

  5. Rajeev sen says:

    Get your old notes exchanged from new notes or invest your old notes into a good business to get profits in white, contact- ‘alexkart429@gmail.com’

  6. Soni says:

    If someone want to convert B to W whatsaap me on my no. 8569855408

  7. S GIRIDHAR RAO says:

    Anybody want to deposit there black money into my account they can contact me in my number 8103 856 905 my account number is 3508 363 521 and my name is S Giridhar Rao ifsc code SBIN0006154 CAMP AREA

  8. sival says:

    Hi am ready to take your unchangeable money and ready to give land as security on a loan, anyone interested pl contact me – 8056140311 Chennai people most welcome

  9. Chakravarthy says:

    I have loan for 15 lakhs Personal loan, if any one gives me loan I’ll ready to pay it by back in genuine way, ready to give security as well. So contact me at 7mount@gmail.com – Chennai people most welcome

  10. Mohit says:

    Who having money provide me 25-30 lakh I will provide then a cheque of 1 lakh rs per mounth to uh for 25- 30 mounth uh will get your whole money in 25-30 mounth ..

  11. naresh says:

    I have loan for 5 lakhs personal loan so if anyone gives me loan I ll pay it by 10k every month in ur account in 50 months.

  12. Srinivas Prasad says:

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    Many old people………!! Have nots are leaving here..!
    People wanting to put your extra money……. please support this humanity work..!
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    SB Account : 54007042953
    State Bank of Mysore, # 7 ,100 feet ring road, BTM Layout, 2nd stage, Bangalore – 560076
    IFSC Code : SBMY0040583

  13. Mamta says:

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  14. satya says:

    Hi,
    Please contact me for money exchange.

    Thanks,
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  15. CUSTOMER CARE says:

    Did you want to change your black money to white money,
    lakhs or crores to urgently, before the closing date.
    to avoid delaying contact the customer care now for help
    on via email; bankcommissionservices.www@gmail.com

  16. Arun says:

    Contact for money exchange.
    Contact no 8700718719
    No limit.

  17. vijendra says:

    कोई मेरे अकाउंट में पैसा जमा करना चाहता है तो उसके लिए मेरा अकाउंट नंबर है = 912010005277079

    नाम = vijendra singh
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  18. satya says:

    Hi,
    I have taken personal loans from different banks and I can deposit up to 70 lakhs in to banks.
    If any one required , Please contact me
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  19. santosh kumar says:

    कोई मेरे अकाउंट में पैसा जमा करना चाहता है तो उसके लिए मेरा अकाउंट नंबर है = 6001001700026771
    IFSC = PUNB0600100
    नाम = संतोष कुमार
    ब्रांच नाम = Anaith (Ara)

    If someone wants to deposit money in my account to my ACCOUNT NUMBER = 6001001700026771
    IFSC = PUNB0600100
    NAME = SANTOSH KUMAR
    BRACH NAME= ANAITH ARA
    Whatsapp number = 7979092023

  20. raj kumar says:

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  21. Aravamudan K says:

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  22. PRADEEP says:

    I AM VERY POOR PERSON PLS DON’T WASTE THE MONEY PLS CONTACT ME SIR CONTACT NO=8722895178

  23. vikas kumar says:

    i request to all black money holders plz dont destroy to money , i have no money but i need money for me and my brother, sisters eduction so plz transfer some money.. plzzzzzzzzzz i request u

    Name on Bank Account – vikas kumar verma
    Bank Name – state bank of bikaner and jaipur
    rajasthan, india
    IFSC code: SBBJ0010043
    MICR code: 303003043 for STATE BANK OF BIKANER AND JAIPUR
    *Account Number – 61127390672

  24. sanjay says:

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  25. LOHIT says:

    .
    I WILL MAKE 10 LAKS BLACK MONEY TO WHITE
    Name on Bank Account – LOHIT PN
    Bank Name – AXIS BANK
    WARANGAL TELANGANA, India,
    *IFSC Code – UTIB0000027
    *Account Number – 913010003403174

    Or call me i will collect it from you.
    LOHIT 7659855583

  26. LOHIT says:

    Hi my dear Black money holders…
    Please Don’t destroy money you have. I need money for my children’s education, Please depost/Donate it to my account as 2,40,000 (2 lakh 40 thousand). I will not get any IT inquiry. OR send the more money i will pay TAX and i will manage it.

    Name on Bank Account – LOHIT PN
    Bank Name – AXIS BANK
    WARANGAL TELANGANA, India,
    SWIFT – SBININBBFXD
    *IFSC Code – UTIB0000027
    *Account Number – 913010003403174

    Or call me i will collect it from you.
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  27. ramaraju k says:

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    contact number 8297064388

  28. karunakar says:

    Am very poor family if u have black money or white money is there plz help me don’t burn that money plz help me this is my account no 33135316676 sbi thanking you

  29. Soni says:

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  30. RAJU says:

    Hi my dear Black money holders…
    Please Don’t destroy money you have. I need money for my childerns education, Please depost it to my account as 2,40,000 (2 lakh 10 CR). I will not get any IT inquiry. OR send the more money i will pay TAX and i will manage it.

    Name on Bank Account -AVULA RAJKUMAR
    Bank Name – State Bank of India
    Bank City, Province, Zip – KHAMMAM, India, 5701657
    SWIFT – SBININBBFXD
    *IFSC Code – SBIN0005817
    *Account Number – 34836828318

    Or call me i will collect it from you.
    Chidananda M R – 91-9494062386

  31. SANJAY says:

    FLAT FOR SALE IN HYDERABAD, East Marredpally 2BHK 1110 sft. is for sale. 2nd floor, north east corner 2 sides road centrally located,24hrs water,car parking, walkable distance for secundrabad railway station,2nd bit from main road………..Note: I accept old 500 & 1000 notes also…..contact: 8520837029 (SANJAY).

  32. SANJAY says:

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  33. Ram says:

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  34. Nikhil says:

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  35. Deep Golwala says:

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    Mo: 9722232508

  36. Ram says:

    I have 2 & 3 BHK flat in Chennai, Bangalore and Hyderabad to sale BLACK MONEY HOLDER please let me know if someone interested GOOD marketing cost. contact – 8124017746

  37. ASHOK REDDY says:

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    Please contact me : 9849474181 –

  38. N.K.Bhardwaj says:

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    Your donation will be acknowledged, if you want so. Please donate.
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  39. Rifat says:

    Hi,

    I M Rifat I will convert your amount Black and White you can call me 8884086992

  40. Arush says:

    Anyone convert ur black to white in gujarat. more then 1 cr 35 percent.. cash to cash

    Whtsapp me if ru intrested 08490890067

  41. Kencha says:

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  42. deepika porwal says:

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  43. golu choudhary says:

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  44. golu choudhary says:

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  45. Soni says:

    Best way h villages me ladies k account me transfer kr do. Kyunki 2.5 lakh tak ladies k upar koi tax nahi h. Unme se baad me 50% ladies k 50% aapke. Kyunki kuch Tym k baad inki value kuch bhi nahi hogi. Villages me invest krna best solution h. Kyunki villages me aaj bhi logon k pass pAison ki kami h.

  46. Anuj garg says:

    Anyone who wants to convert from B to W , contact me ASAP
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  47. chouhan says:

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  48. Nayab rasool says:

    you have black money
    Please give me some
    Because I’m poor people
    Help me please.
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    My no 8341762331

  49. Nayab rasool says:

    you have black money
    Please give me some
    Because I’m poor people
    Help me
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  50. Asha says:

    Hi everyone. Can anyone having extra money please if u want send it to me, i need it urgent ….my mother is in hospital(cancer problem) …..someone told me about checking online so im messaging this…..

    please dont hesitate , my name Asha , contact me 9059682479 (telenor)

    Please ,u will be saving my mothers life. thanks in advance

  51. Asha says:

    Hi everyone. Can anyone having extra money please if u want send it to me, i need it urgent ….my mother is in hospital(cancer problem) …..someone told me about checking online so im messaging this…..

    please dont hesitate , my name Asha , contact me 905982479

    Please ,u will be saving my mothers life. thanks in advance

  52. harish kumar says:

    If anyone wants to donate their money for handicap children, they can transfer some of money for welfare society.
    Contact 9999531271

    Reg :annufoundation@gmail.com
    (welfare society)
    Invest your money for the education of poor people –

    See more
    at: https://taxguru.in/income-tax/5-ways-people-convert-black-money-white-money.html#sthash.ZJDJvcgu.dpuf

  53. Sanjay says:

    Breaking News::::
    If someone wants to convert their black money to white. #NO_LIMIT
    please contact me: 8106828086 (SANJAY)
    Do it before it’s too late.
    Hurry up don’t waste time
    No limits….8106828086 (SANJAY)

  54. santosh rathore says:

    I m in banking sector ….. I can help you in converting black money. Contact me..8878213248 …BT limit is 2Cr. My share is 2 lakh/ crore

  55. Mandeep says:

    Jiske pass black money hai wo please mujhe de do mujhe bhut jarurat hai m aapko unme se half money wapas kr dunga so plz contact me my no is 9779059991

  56. Amit says:

    Hello Black money holders you don’t need to destroy your money.. for more solution email me on techamit76@gmail.com.. our conversation will be totally confidential . I will provide you my contact number just email me. I will convert your black money to white.
    techamit76@gmail.com

  57. saurabh says:

    Mai ek annath aarram chalata hu…… Any one jiske paas black money hai WO agar chahe to kuch paise transfer kar sakte hai. Ac no. 20140063506. Much bachho k bhawish ki baat hai….. At least think once.

  58. binay says:

    I m in banking sector ….. I can help you in converting black money. Contact me..8602074308. BT limit is 2Cr. My share is 2 lakh/ crore

  59. Dinakaran Vardhan says:

    I can sort out all money problem by exchange of houshold gold,property etc…. Alsi i have NRI SB A/C, other normal sb A/C accounts to encash blackmoney into white. Nominal service charges apply.

  60. bhupendra says:

    If anyone wants to donate their money for handicap children, they can transfer some of money for welfare society.
    Contact 9755216789
    A/c 32859738997 SBI
    Reg :bhupendra raghuwanshi
    (welfare society)
    Invest your money and save child life

  61. amit says:

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  62. RAKESH says:

    I CAN HELP WITHOUT TENSION TO CONVERT BLACK MONEY TO WHITE

  63. golu choudhary says:

    Help need

  64. golu choudhary says:

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  65. vinay says:

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  66. golu choudhary says:

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  67. rahul pawar says:

    Hi.jis kisi ko bhe apna pisa convert karna he no limit bharosa rakheye me ek college ka professor hu.jisko bhe pise convert karne he black money white karna he wo jalde mare is no pe coll kare.NO..8888830173. Fast

  68. yogesh says:

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    contact me fast
    whatsapp +918793468657

  69. Patel says:

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    I will solve your problem
    Believe me

  70. Hitendra says:

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  71. sanjay says:

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  72. amit says:

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    At 50 %
    If any interested plz call

    9889821154

    7270959272

    9415510899

  73. sanjay says:

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    please contact me: 8106828086 (SANJAY)
    Do it before it’s too late.
    This is genuine
    Hurry up …………..Fast
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  74. Akshay says:

    Jiske pass black money hai wo please mujhe de do mujhe bhut jarurat hai m aapko unme se half money wapas kr dunga so plz contact me my no is 7011926601

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  76. Ahluwalia says:

    contact fast

  77. Ahluwalia says:

    15% into convert contact fast

  78. Ahluwalia says:

    Jitne marji paise mere account mai deposit kardo 15% osme se 15% mera hogga fast contact.

  79. PRIYA says:

    agar aap logo ke jyada paisa hai use bekaar na kare kirpa usme se kuch mujhe de de jisse aapki black money white me convert ho jayegi or mei apni padai kar sakungi mujhe phd ke 2 lakh ki jarurat hai, isse aap ko punye milega

  80. ashraful says:

    please contact me poor peopel want some opration ,food ,masjid making,or etc please give me money as soon as posible mobile no 7053594709

  81. ashraful says:

    sbi bank vijay kumar a/c34337201635 please i am poor man mobile no 7053594709

  82. ashraful says:

    vijay kumar a/c no 34337201635 send money i am poor man

  83. ashraful says:

    a/c no 34337201635 ifsc code sbiin0009007
    mobile no 7053594709 pleas wantb some money

  84. Prince says:

    Contact me to save ur money 9711907184

  85. Prince says:

    Contact me to save ur money

  86. Pravin says:

    I have 1 bhk in Pune to sale please let me know if someone interested marketing cost is 32 lac but for black money holder it will be 40 lac contact 9975368008

  87. AJIT SONAWALE says:

    JISKE PASS JYADA PAISA HAI WO MUJE MOBILE KHARID KE DE Q KI MERA MOBILE TRAIN ME CHORI HO GAYA HAI PLZ…

  88. Tushar Bhoir says:

    Muze laptop plz dell is best product

  89. Ajit Sonawale says:

    JISKE PASS JYDA MONEY HAY WO MUJE MOBILE KHARID KE DE Q KI MERA MOBILE CHORI HO GAYA HAI..

  90. Pravin says:

    I will make your black money into white give me loan I will return. Will discuss how to return

  91. Shafiq Akhatar says:

    Please don’t destroy you money and donate me for education.. Plz deposit some money to my account
    HDFC BANK ACCOUNT 50100159034720

  92. Shahnawaz says:

    Bhai jiske paas jyada paise hai jalakar barbaad na kare
    Hame de de ham garibo me baat denge
    Jisse aap ko punye milega or
    Garibo ka bhala hoga
    Plz contect me 9931311186
    Or contect me through gmail
    Sandysame706@gmail.com

  93. bj says:

    Hello sir
    I will convert your black Money to white money
    Contact
    BJ
    9743577042 watsapp only

  94. Ratnesh Thakur says:

    Sbi A/C no – 30516184670
    Customer name – Ratnesh Thakur

    Branch code- 3950 I need some money for my brother operations plz give me 2 lack ..soon I need urgent for my brother treatment now he is suffering for diffuse axonal injury…my number 08483888460

  95. Ratnesh Thakur says:

    please i took money on interst, kinly provide to me..ltr i will return.i have financial problems a lot name Ratnesh Thakur contact no 8483888460.

  96. Ratnesh Thakur says:

    koi bhi paisa bala apne paise destroy na kare mujh par kisan credit card ka 500000 loan h jise me jama karne asharth hu kyuki esi stathi me meri jameen bhi ni bik rahi h ap se anurodh he ki aap meri help kr de mera mobil no 8483888460

  97. Ravi says:

    DEAR BLACK MONEY HOLDERS,

    YOU CAN DEPOSIT IN MY ACCOUNT UPTO TO 50 CRORE I AM A NRI RECENTLY CAME BACK TO INDIA. THOSE WHO ARE INTERESTED CAN DEPOSIT INTO MY ACCOUNT
    Acc no 279901500987. IFSC CODE. ICIC0002799
    G ravik umar

    – See

  98. Tusshar says:

    If you have a lot of money please give me, I will give you half and more money.please contact 9033467876

  99. sanjay says:

    Breaking News:::
    If someone wants to convert their black money to white. #NO_LIMIT
    Please contact me : 8106828086
    Do it before it’s too late.
    Hurry up
    No limits….8106828086

    • admin says:

      Please stop posting such messages on this website

    • UJJAL MUKHERJEE says:

      Black money holder
      You may contact me
      I will able convert 10 crores amount

      At 80% return

      I will return your money
      I will deel with you

      You may contact u j j a l m u k h e r j e e 2 0 0 8 @ g m a i l . c o m

      9475451216

      I have large sources

  100. sumit kumar says:

    koi bhi paisa bala apne paise destroy na kare mujh par kisan credit card ka 500000 loan h jise me jama karne asharth hu kyuki esi stathi me meri jameen bhi ni bik rahi h ap se anurodh he ki aap meri help kr de mera mobil no 8057216738 he meri. e.mail id st20071994@gmail.com he

  101. Gopal Mandal says:

    Hi my dear Black money holders…
    WE HAVE A SOLUTION,
    If U provide Door to Door
    LOAN Installment Basis SOLAR INVERT-ER ,
    OR
    ( Another More Solvable Consultancy)
    So call & face to face meet with Us

    Please Don’t destroy money you have.

    We Need Money for Some Children’s Education,

    We will not get any inquiry.
    Money will pay cash only and Book your Product,
    Company will manage it.
    Contact: west Bengal, kolkata ,Barasat (N),
    Ph: 09836577555
    mail: gopal.sumana2013@gmail.com

  102. suraj thapa says:

    A/C no – 20126208985
    Customer name – SURAJ BAHADUR THAPA
    18/11/1992

    Branch code- 8072 I need some money for my dad operations plz give me 2 lack ..soon i will return you …my number 07432033026

  103. SURESH says:

    DAER BLOCK MONEY HOLDERS
    LZ GIVE 2.4 LACK LOAN
    BECOZ I AM HEVY PROBLEY
    IF U GIVE MONEY I WILL ETUR AFTER 2 MNTH IN INSTALMENT
    NAME:SURESH.K
    STATE BANK OF INDIA
    AC:31620517999
    IFSC CODDE:SBIN0013284
    PLZ
    7204821466

  104. prasanna says:

    please i took money on interst, kinly provide to me..ltr i will return.i have financial problems a lot
    name:prasanna kumar
    contact:9742463156

  105. VENKAT says:

    I HAVE A ANCESTRAL PROPERTY OF 1CRORE WORTH IN HYDERABAD. I WILL SELL IT FOR 2 CRORES. THOSE WHO ARE WILLING TO MAKE BLACK INTO WHITE CAN AVAIL THIS FACILITY. CONTACT ME ON 9912662867

    • MS Yadav says:

      at the present moment I am adjusting in our books around 50 to 60 lakh if you have interested reply me. but it’s not Free service charges around 30 to 35 ℅ at the final settlement as per my CA if you have any questions contact me makeyadav@yahoo.com

  106. ANAND MAHAJAN says:

    HI FRIEND IF YOU HAVE BLACK MONEY AND YOU WANT TO CONVERT IN WHITE CONTACT ME ON MY WHATSAPP NO 9824225176

  107. anand says:

    Hi my dear Black money holders…
    Please Don’t destroy money you have.

    I need money my dad is no more.I have money problem. Please depositer / Donater it to my account as 2,00,000 (2 lakh). I will not get any IT inquiry. OR send the more money i will pay TAX and i will manage it.

    Anand
    Federal bank
    Accout: 11890100089060
    Gandhinagr Branch
    IFSC Code FDRL0001189

    Bank Federal Bank

    – See more at: https://taxguru.in/income-tax/5-ways-people-convert-black-money-white-money.html#sthash.R9PqBbou.dpuf

  108. Shankar says:

    You can contact me 8050126001 to convert black to white

  109. Nikunj says:

    Hi my dear Black money holders…
    Please Don’t destroy money you have.
    Please give it to some people who really need it for 2 times of roti.

  110. VENKAT says:

    DEAR BLACK MONEY HOLDERS,

    YOU CAN DEPOSIT IN MY ACCOUNT UPTO 20 TO 30 LAKHS, I AM A NRI RECENTLY CAME BACK TO INDIA. THOSE WHO ARE INTERESTED CAN CALL ON 9912662867

  111. amit says:

    Black money holder
    You may contact me
    I will able convert 4 crores amount

    At 50%

    I will return your money
    I will deel with you

    You may contact 988982154

    7270959272

    9415510899

    I have large sources

  112. Sona Makhija says:

    Because of those who have black money, people who are loyal to their country are suffering now…
    Prime minister’s thisdecision isreally not fair with the true and loyal citizens of INDIA…We have white money then also we are all suffering alot the reason being we have to stand in a queue…almost for 4 to 5 hour’s…..I request to the PM to increase the deadline…so that everyone would get new notes in exchange..

  113. Sachin shitole says:

    Hi friends,
    convert black money into whate money
    contact whatsapp:-9762174589
    mail id;-shitolesachin05@gmail.com

  114. Sachin shitole says:

    Hi friends,
    convert black money into whate money
    contact whatsapp:-9762174589

  115. Sachin shitole says:

    Hi friends,
    convert black money to whate money
    contact whatsapp:-9762174589

  116. sarnali biswas says:

    seriously…!!!
    if you really want to convert your black money into white, distribute them into poor,helpless,foodless,shelterless people so that you could be a part in charity.
    After 30th DEC your black moneys only could be useful to make paper boats. So according to me the 1st option is better but afterall the choice is yours. ?

  117. Eddy ansh says:

    I need 150000 for my higher education if some uncommon chor( black money holder) wants to help can contact my number is 9981042229?I will return your black money into white.

  118. Priya says:

    Dear black money holder ,
    If you dont need , plz do not destroy,
    we need it badly.
    Kindly give.
    We will return you it in the installments.
    I need it for the higher education purpose.

  119. Ani; says:

    Hi my dear Black money holders…
    Please Don’t destroy money you have.

    I need money my dad is no more.I have money problem. Please depositer / Donater it to my account as 2,40,000 (2 lakh 40 thousand). I will not get any IT inquiry. OR send the more money i will pay TAX and i will manage it.

    Anil M Katariya
    Bank Of India
    Accout: 201110110003812
    Paldi Branch
    IFSC Code BKID0002011
    (used for RTGS and NEFT transactions)
    MICR Code 380013024
    Bank BANK OF INDIA
    Address Vidyalya Chambersopp. Paldi Bus Stand,
    District AHMEDABAD
    State GUJARAT
    Branch PALDI
    Phone number 2657822626
    Branch Code 002011

  120. Karan Sharma says:

    Hi My Dear Black money holders…
    Please Don’t destroy money you have. I need money for my Education, Please depost/Donate it to my account as 2,40,000 (2 lakh 40 thousand) and i will return you the amount in installment. I will not get any IT inquiry.

    Name of Bank Account – Karan Sharma
    Bank Name – State Bank of Patiala
    Bank Branch – Noida Sector-1, UP
    *IFSC Code – STBP0000324
    *Account Number – 65175591657

    Or call me i will collect it from you.
    Karan Sharma – +91-9015912792

  121. Chidananda M R says:

    Hi my dear Black money holders…
    Please Don’t destroy money you have. I need money for my children’s education, Please depost/Donate it to my account as 2,40,000 (2 lakh 40 thousand). I will not get any IT inquiry. OR send the more money i will pay TAX and i will manage it.

    Name on Bank Account – Chidananda M.R
    Bank Name – State Bank of India
    Bank City, Province, Zip – Bangalore, India, 560057
    SWIFT – SBININBBFXD
    *IFSC Code – SBIN0017736
    *Account Number – 20250510685

    Or call me i will collect it from you.
    Chidananda M R – 91-9916666383

  122. rimit says:

    i have simple idea those who want to convert the small amount of black money to white money in a legal manner and its work easily :-

    simple first registered a company for the marketing and advertisement product then buy a product from the company who are giving a huge discount on there products ( some are in my knowledge ) and then show the sell of there product through your company with the extra margin .

    example :-

    suppose i have registered the company with abc group of marketing and now i m getting the product from the manufacturing company for the selling it in the market. e.g product is software in dvd rom for student which cost on the market is 3500 rupees. from the company to whom i buying i paying only 200 rupee per product and after buying this product though my registered company i m selling this with 5000 rupees .

    suppose i m buying 500 product so, 500*200 = 100000/- rupees. to be paid to the manufacturing company and the billed for 500 products.

    there for ,

    after selling mah product into market 500 *3500 = 1750000/- rupees i can able to get from these products and we can show as a total earning margin.

    so total earning money in legal way 1750000–10000 = 1650000 rupees per month

    note= no further tax need to be pay thus the product is educational and its sell to the education purpose and if suppose to be 10 % i have to pay the tax then still more than 1500000 lack i can be able to convert mah black money to white money in simple ways.

    note :- i do have a this kinda of product in market which having a this much margin in there selling.

    for more details if any one interested mail to me rimiterl@gmail.com

  123. syed raheem uddin says:

    our clint want to convert black to white money what is your charges per lakh rupee

  124. aniruddha says:

    in gujarat, the situation is somewhat different. The party who has black money has taken commission from the person whoo possess white. Black possessor takes 7% commission from the white possessor. i.e., a person who has Rs 100 white and gives it to black possessor, then black possessor takes his Rs. 100 white and gives him black Rs. 93 in return. What is the reason behind it? Why white possessor wants to turn it into black

  125. jatin says:

    If you have lot of black money then contact me +91 8800527377
    I will definitely resolve your problem..

  126. jatin says:

    if you or your friend having black money and wants to convert it then contact me on +91-8800527377 i have solution for that 1 call can resolve your problem

  127. Sunil Gupta says:

    I Will provide Your Black Money to White Money Contact this Email gupta4sunil@gmail.com

  128. K. Guru Prasad says:

    The government is well aware of a parallel economy running robustly. In order to bring out the black money in to the mainstream all it has to do is to charge a 10% tax without asking any questions, I am sure crores of rupees will be converted to white.
    Black money is generated because of the complex tax systems and high tax rates. In other words, government tax structures encourages one to evade tax and also punishes them for hoarding the money!
    Politicians are themselves hoarders of black money ! After Modi Ji took over we are burdened with more taxes! Petrol prices are almost the same in spite of the fact that the per barrel rates internationally has drastically come down. It is middle class people who always suffer .

  129. DILIP says:

    Transfer to me mail on dilippr59@gmail.com

  130. Darshan Mehta says:

    The reason why more focus of govt. is on IDT is this! I think, If the govt. is really keen on curbing these practices & converting all Black Money to white overnight is.. discontinue the Currency (Rs. Notes coins) & convert all the currency to a different denomination or atleast some different design, by this way every person shall have to exchange their notes with Bankers.. AIR in place.. Every exchange exceeding 10lakhs shall get reported. Overnight Black to White, undisclosed income curbed.

  131. shaikh says:

    contact me on +91 9059 264386

  132. Srikanth Sridharan says:

    Ban all Cash Transactions in India. Digital money only is to be used in order to Curb Black money in India. Moreover all the practices mentioned in this article doesn’t seems to really work out. People who do these tax evasions in massive scale will definitely get caught and end up paying huge taxes and penalties.

  133. Epistun Raja says:

    Any one wants to convert. contact me 7373171838. i help u with through reverting back to ur bank account legally.

  134. Epistun Raja says:

    i would help u then route back to ur bank account as white money. contact 7373171838

  135. billal khan says:

    hi i am billal khan i have no money but i will try make a soda company plz any body help me plz next time i am retrune white money plz help me my cont no 9526280147 my email billalkhank@gmail.com my account no 1436101017740 cannara bank
    contace me please

  136. Apoorva says:

    Method 2 has been already curbed in the recent budget amendments, now the advance money forfeited is chargeable under head IOS rather than deducting the same from COA.

  137. shrinivasan says:

    one of my friend is having black money he wants that to be converted into white. i am running a maintenance agency monthly transaction of 4lac .so i just want to know how can we benefited.we are ready to pay your fee.

  138. Sanjeev says:

    Tax evasion is widely discussed topics across the world

    Even developed countries cannot check this

    In India there is lack of co-ordination among different govt agencies

    This is great source of income for intermediatory / entry operator/ consultants / income tax officials around this world.

    This will remain there for ever and is necessary for this world

    Just like law of equilibrium for every negative there is a positive factor similarly for every “white” there is a “black”

    So discussion must go on

    All the best !

  139. yogesh bhoud says:

    hi friend
    convert black money to white money
    contact whatsapp 918793468657

  140. Ronan carty says:

    i will get it turned white skype me technicalhelpdesk9

  141. somoshree basu says:

    Plz send this mail my contract number 8344888113

  142. Sanju Venu says:

    HI, We are expert Investors in such resources and have maximum experience for years and can provide you a safe haven solution,If anyone would like to take our assistance. Kindly mail across your details to g4feedcasting@gmail.com and we would revert for a discussion. Kindly note, this is not for any onlookers, only for real people who wants assistance and be benefited. We also assure safety and confidentially on your communications. We look forward to assist. Thanks – Sanju Venu

  143. Amit Sinha says:

    Dear all investors, we are an organization and we accept cash and return it in cheque with reasonable interest and time, which varies from 6 to 12 months. For any query please contact us on +919806240914.

  144. Kiran says:

    My friend has purchased land for 21 lakhs (black is 16 lakhs white is 5 lakhs). after 3 years he is selling for 27 lakhs (Black is 20 lakhs and white 7 lakhs). In the previous tax return purchase of asset is not to be declared, only sale of asset which results in a loss/profit needs to be declared in the current year.

    Now he wants to know whether he can declare 27 lakhs as sale consideration or he has to report only white money in this case? Initially when he purchased he paid the white money for buying the land.

    Please clarify?

  145. Rajarajan says:

    To Goshan,

    If you want to fix ur problems just let me know, because first you have to fix that you dont have any issues later because of your account who is using it instead of you. later it cause anything it come to you. or you have chance of changing that to white to safe your ways.

    mail me for more conversation @ rajarajan19oct@gmail.com

  146. Rajarajan says:

    Hey all,

    If its all bullshit, then y still we are facing all the consequences for this country still. Everything its related to TAX. even the GOVT knows that its all about the paying the taxes in india.

    Please let me know if there is a chance of converting black to white.

    its an option for me to choose about this.

  147. goshan says:

    Dear Sir,
    I am goshan from chennai, I have a question. My uncle business is fully cash oriented business , daily he will sale x amount of products and earning y amount of cash. the earning cash is very high per day for last 10 years. He is having cash black and he wants to use me. i am salaried account of rs.40000/ month. he is presssuring me dont put insurance, i will get you tax refund by using auditor techninques. without my knowledge he is putting 6 lakhs in my account as FD which is not my money. I am not interested and always asking signature in it forms. sir, please tell me how can i avoid this and what should i do. the point is he is able to give me refund from IT office. I enjoyed that money also. but personally i am not intersted and i want to avoid this, because i dont have knowledge about this. please help.
    – See more at: https://taxguru.in/income-tax/must-have-components-in-your-salary-to-minimise-tax-burden-for-financial-year-2010-11.html#comment-1621909

  148. raman says:

    If any body want o make it white just msg me transfer

  149. prince says:

    contact me for any discussion. prince.james71@gmail.com. can help you……

  150. pavan says:

    @Devesh Bisht : Most of the gold jeweller buy gold in black (ie. Through illegal import of gold), by showing this purchase bill he will convert that gold as white.

  151. Jyoti Prakash says:

    For conversion contact us on – prajysh@gmail.com

  152. Devesh Bisht says:

    Hi
    In case 1 the jeweller will have excess of cash(received from custormer) and Jewellery ( for which he gave purchase bill)..what explanation will be there for excess cash and purchase of jewellery which doesnot exist in his stock.

  153. Malik Awan says:

    there is many easy ways to convert your black money in white money, ping me for free advise for schedule live conversation.

    send an email with your skype id.
    business.live@outlook.com

    thanks

  154. Honest tax payer says:

    Be honest and pay your taxes honestly.

  155. meenakshi says:

    What is RR Window Expo ? this is linked to ways to convert black money to white money.

  156. vikram thapad says:

    i just want to know if we all knows about all kind of black money exchange why govt is quite something is fishy here i think its all is bullshit

  157. PB says:

    Option 2: section 51 is plugged in this budget.

  158. dinesh jain says:

    in pune many professionals are involved in converting black to white

    one famous group and politicians black money is converted by professional by charging heafty fees into white within few days transaction in property.

    so in india there is huge amount of black money

  159. Aslam says:

    Please give us a option of print for article for we can download the article and read them later.

  160. CA DINESH DESWAL says:

    Case no. 2 is not taxable income and Agreement should be that property which assessee do not want sale for ever, Yes it is reduction in cost and if excess received from cost than it is capital receipt not taxable held in a judgement.

    And when this land will not sold by assessee then what it is matter that cost is nil.

  161. SATHYANARAYANA says:

    Bank branches having advance less than for Rs20 crores do not have any audit. One can do any fraud or tax evasion in such branches by opening fake accounts, purchasing cash DDs, buying gold through black money and taking gold loan in such branches and showing as loan from bank as white money.

    You can have better relatonship with the staff of such branches to carry out your activity.

  162. CHANDRASEKARAN says:

    SOME PERSONS ARE UNDERSTANDING SOME BRANCH MANAGER OF THE BANKS AND TAKE CASH DEMAND DRAFT (DD) CORPORATION BANK CASH DD CHARGES 2.80 FOR 100 RUPEES THEY PUT DIFFERENT NAME AND TAKE A DD ADDRESS AND PHONE NUMBER IS DIFFERENT IN CHENNAI AL THE PERSONS ARE DOING THIS METHOD ONLY.

  163. vswami says:

    Pardon me ! Many of the comments seem to proceed on the premise / assumption that the perpetrators of such fraudulent acts would be honest enough to keep only one set of books of account and strictly follow the basic rule of ‘double entry’. Correct if wrong,- but in reality is it so; for, one has heard of ‘two’ sets of books, only one of which is for ‘white’. May be, ‘learned’ professionals know more intimately,so as to be equipped to throw light! – is that not what is commonly referred as the trick of ‘pushing under the carpet’ or have skeletons hidden- not in cupboard- but elsewhere hence none not only the taxman can be any wiser, without a forensic investigation?

  164. Nishant Jain says:

    Dear K. Muthu ji,

    As per Section 51, the advance money forfeited by the person shall be deducted from the cost of the acquisition of the asset. Now, when Mr. X wants to sell his house in the future, the COA in such case will be NIL.

    Also, the above case is supported by a supreme court judgement.

    Regards
    Nishant

  165. Mohan. Thulasingam says:

    Our laws provide avenues for growth of black money. What else you would consider the huge money held in Swiss banks.

  166. Mohan. Thulasingam says:

    I feel the laws instead of curbing the growth of black money, encourage by providing loopholes in them.

  167. Binny Gupta says:

    If I have shown income from undiaclosed sources in return amounted to Rs. 300000 and paid tax of Rs 10000, whether additional tax liability can be raised by the ITO and whether he can assess income at flat rate of 30%.

  168. C A K C AGARWAL says:

    I appreciate the author, because every processional will be aware, how the black money is being converted in the white,

    C A K C AGARWAL, ALLAHABAD

  169. Navdeep Gupta says:

    There are so many other way to convert the black money into white in huge amounts say 10 crores like the hawala entry operators who take cash and issue cheques for share application money/share capital by charging nominal brokerage such as 2% or 3%. However, income tax department during 2005 – 2007 has conducted huge search operations and now all the persons who have taken accommodation entries either has paid huge demands or are in the appeals before various courts. But still there are so many cases in which high courts & supreme court have held that department can only make addition in hands of hawala entry operators only and there is no tax liability, even after search operation of income tax department, on Assessee.

  170. Gaurav Jain says:

    When you receive advance money for sale of a land and later the deal is cancelled due to which the money is forfeited, it is treated as capital receipt not taxable. However, in future whenever the property is actually sold, the advance money forfeited would be deducted from the cost of acquisition of the property involved. In this case the cost of acquisition would become 0

  171. sham vartikar says:

    This advance will be treated as capital receipt against Sale of Capital asset and hence not taxavle. However the amount forfeited shall be deducted from the cost of acquisition of that Capital Asset.

  172. Raj says:

    Sorry this is in bad taste to plant ideas in general public mind. If the Author knows about some people doing this he should intimate this to the concerned Authorities

  173. MEHULSINH says:

    AS EARLIER SAID BY MR. K. MUTHU,

    CASE NO. 2, require further clarification from the tax point of view, income received by Mr. X is taxable income…

    Please update us on the same…

  174. shivayogi says:

    The author in case 2 of his article says that the advance of Rs.30 Lakhs received without executing the sale deed,is a means of converting Black Money into white.

    How is it possible. The receipt of Rs.30 Lakhs is on account of forfeiture of advance on account of non-completion of sale and this will be treated as Income from other sources and liable to tax as any other income.

    This needs clarification from the author

  175. Sumit R B says:

    But the following point also needs to be kept in mind as said by SC in yhis judgement:
    “Advance money or other money forfeited shall be reduced from the cost of asset & If advance money forfeited exceeds the cost, the excess shall be a Capital Receipt not taxable”

  176. Sumit R B says:

    @K.MUTHU:Reply to your query.
    Please refer to the case of Travancore Rubber & Tea Co. Ltd. v. CIT[2000] 243 ITR 158 (Supreme Court)
    The decision givem by supreme court was that “Advance money or other money forfeited shall be Capital Receipt not taxable”

  177. Anurag Agarwal says:

    Dear k.muthu
    as per the provisions of section 51 any advance money forfeited is to be reduced from the cost of acquisition. And there will be no tax implications on such capital receipts.

  178. Dnyanadev Shewale says:

    In case 1 , Can ITO ask assessee about source of Funds for Purchase of Silver Utensils

  179. Amit Om says:

    I agree with Mr. Muthu. A forfeiture will result as income. The IT can also call it windfall.
    In this case the buyer who gave the advance should send a legal notice and also there should be a clause of arbitration. This would give a plenty of time for the seller to enjoy the money. IT guy will not be able to do anything in this case.

  180. CA Lalit says:

    No, Mr.K. Muthu
    Advance money forfeited is not taxable under the head other sources.
    It reduce from the cost of property. Also save from this if you trasfer this property to your son.

  181. Spoorthy says:

    The author is saying about converting: If the income is treated as income from other sources and liable to tax then you just need to pay income tax on that amount and so the Rs. 30 Lakhs is white.

    Correct me if I am wrong.

  182. harshit says:

    yes. it needs clarification.
    it is clear it will be taxable else

  183. Niraj says:

    To K. Muthu

    The Rs. 30 lakhs gets taxed in the hands of Mr. X.

    After tax, the money becomes “clean”!!

    He has already given the cash back to Mr. Y., who wanted to have the “black” money. Mr. Y shows the payment by cheque as an “expenditure”, or “loss”, if u would like!!

  184. Girish says:

    Pls refer HIGH COURT OF DELHI, Commissioner of Income-tax versus Meera Goyal
    IT APPEAL NO. 1263 OF 2011, JANUARY 17, 2013, where it is clarified that advance amount forfeited is not taxable (ref. S.51 of the IT Act.)

  185. VINAY MEHTA says:

    Hi Mr. Muthu, Definitely conversion in case 2 would attract taxation, and when converting a huge amount into white and paying tax wont be too difficult as that would atleast help the person to have white money.

  186. Krishna Prasad says:

    The main intention behind the transaction is to convert Black money into white, if the black money of Rs. 30 lacs is converted into white by way of forefeiture & as per IT Act it is liabe to tax as “Income from other source” then there is no harm on the part of the tax payer since now this 30 lacs is pure white money on which the assessee is going to be pay tax to govt.

  187. dinesh jain says:

    huge black money came to india when vaypee said to enquire all swizz bank account,
    that is the reason why all black money is invested in property by diamond,gold merchants and politicians.

    during 2006 to 2007 property prices escalated take an example an agricultural land from which income earned by cultivation of crop is Rs, 50000 p.a is sold for 25 lakhs to 1 crore. huge black money is converted white due to price escalation.

    i would like to inform mountains are sold in lakhs and crores.
    what will happen when ramdev baba brings black money from abroad and no one is afraid of the black money lying in india.
    this transaction will increase inflation and there will be social unrest and increase in crimes and poverty.

  188. Shanker Patel says:

    The receipt of Rs.30 Lakh on account of forfeiture of advance will be capital receipt and I believe should not be taxable as income from other sources.

  189. Monil Shah says:

    To K. Muthu:
    Forfeiture of advance money is a Capital Receipt and it is not taxable.

  190. CA Dharmen Shah says:

    It’s good article but people may misuse it. It should not be here.

  191. hervinder singh says:

    advance received for sale of plot and forfeiture is capital receipt and not revenue, so it is tax free.

  192. AMBESH BIYANI says:

    Dear Sir,

    Pl. avoid to commonly blame all the tax payers, in many cases this might happen but don’t forget in many cases it actually happens, and also do not forget that your article is also viewed by Income tax department, after reading this type of article they will surely consider all such transactions as bogus and genuine assesses will suffer badly, routinely department considers all assesse as fraudulent and your article will make them sure that they are absolutely correct.

  193. Manish says:

    Dear Muthu,

    The advance of Rs 30 Lakhs would ideally be treated as a capital receipt in the hands of the recipient. The settled law is that in case of capital receipts, unless there is a specific charge in the Income-tax Act, 1961, the amount is not taxable.

    In my view the forfeiture of advance cannot be treated as Income from other sources, since what is chargeable to tax under section 56 is income [as defined under section 2(24)] and the definition of income does not include such receipts.

    Coming to section 45 of the Act, for an amount to be chargeable to tax as CG, the requirement is that a gain should arise on a transfer of a capital asset. In the instant case, the gain is not arising on the transfer of a capital asset, since in reality no transfer has taken place.

    While the above is a case of tax avoidance, in my view, the taxability of such amount is questionable. Maybe after GAAR kicks in (1-4-2016), the income tax authorities would have a stronger footing to challange such transactions.

    Regards,

    Manish

  194. sanchit says:

    surely the receipt of 30 lacs wont be taxable undeoother sources but when businessman actaully sells his property then sec 51 would b applicable on its cost of acquisition nd advance forfeited will b deducted from COA..so businessman wl have to pay LTCG on total sale consideration then…but i guess this planning can go handy if businessman doesnt intend to actually sell his property in next 6 years..afterwards in long future he can escape sec 51 while calculating his COA then…surely it will b tax avoidance and unethical but there are lesser chances of AO knowing abt receipt of 30 lacs

  195. Madhava Anil says:

    Hi,

    In case 2 : Whatever the forfeited amount is taxable under income from other sources. He is liable to pay tax @30%.

    Is there is any other option to avoid tax in that case.

  196. Raju says:

    As Mr.K.Muthu mentioned it should be liable to tax under other sources.

  197. Nilesh says:

    Is Mr. X going to pay taxes on the income by way of forfeited moneys? If yes, then i dont think any one will bear this much cost to convert black into white.

    The other way is showing as lottery lucky draw. If it is agreed between X Pvt Ltd a company selling lottery tickets & Y a person who needs white money.
    Y will get lucky draw price say 1 crore in white by paying taxes on it & in return will pay X Pvt Ltd 1 crore. This is again not practical as one has to bear tax burden under provisions of Income from other sources

  198. K.MUTHU says:

    The author in case 2 of his article says that the advance of Rs.30 Lakhs received without executing the sale deed,is a means of converting Black Money into white.

    How is it possible. The receipt of Rs.30 Lakhs is on account of forfeiture of advance on account of non-completion of sale and this will be treated as Income from other sources and liable to tax as any other income.

    This needs clarification from the author.

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