Rahul Mehta Gandhinagar LsCandidate

How CAs are enabling wealthy men to convert cash into gold using newly married couples
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(1) say Rich has Rs X crore
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(2) say a Poor1 and Poor2 are couple got married recently (between 1-apr-2016 and 8-nov-2016)
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(3) X will open account of Poor1 same branch as gold seller
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(4) X will deposit Rs 20 lakh in account of Poor1
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(5) X will ask Poor1 to write cheque in the name of gold seller
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(6) Instantly, money comes into account of gold seller. The gold seller gives gold to X
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(7) Rich gives say 2% of gold to Poor1 !!!
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Tax on Rs 20 lakh = rs 0 .
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WHY? Gifts received in marriages are tax exempt !!!
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X has to make a list of large number of close as well as distant relatives and show that each gave Rs 10000 !!!
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