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1. The black economy is a segment of a country's economic activity that is derived from sources that fall outside of the country's rules and regulations regarding commerce. The activities can be either legal or illegal depending on what goods and/or services are involved.
In India, black money is funds earned on the black market, on which income and other taxes have not been paid. Also, the unaccounted money that is concealed from the tax administrator is called black money.
Black money is also converted into 'white' money by showing it as receipt from the sale of assets held in the family for which no record of purchase may exist – such as inherited jewellery. So, money or cash by themselves are neither black nor white – it is really the income which is black or white.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. Give him the amount you want to convert your cash into white. he would give you a cheque back for the same amount less 4%. ... 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.
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Answer:
The black economy is a segment of a country's economic activity that is derived from sources that fall outside of the country's rules and regulations regarding commerce. The activities can be either legal or illegal depending on what goods and/or services are involved.
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