Indians stashed $2 trillion abroad

truthbetold wrote:http://www.bloomberg.com/news/2014-06-08/hidden-assets-seen-worth-2-trillion-targeted-by-india.html

This bloomberg article suggests that about 2 trillion dollars is stashed in swiss banks or other tax havens.

That is 600 billion in taxes according to an estimate.

Now this amount does not include money stashed away in India in benami lands and property, converted to gold and other traditional methods.  

If modi can create some waves on this front, and it leads to more accurate filings of income tax, it would make indian govt that much better. Statistics o will make more sense. Land prices and similar items will reflect market realities. 

i have my fingers crossed. what is your expectation?

Marathadi-Saamiyaar wrote:

truthbetold wrote:http://www.bloomberg.com/news/2014-06-08/hidden-assets-seen-worth-2-trillion-targeted-by-india.html

This bloomberg article suggests that about 2 trillion dollars is stashed in swiss banks or other tax havens.

That is 600 billion in taxes according to an estimate.

Now this amount does not include money stashed away in India in benami lands and property, converted to gold and other traditional methods.  

If modi can create some waves on this front, and it leads to more accurate filings of income tax, it would make indian govt that much better. Statistics o will make more sense. Land prices and similar items will reflect market realities. 

i have my fingers crossed. what is your expectation?

computerization of all documentation, registration, financial transactions should minimize,  wonder how transactions are done - with much of the financing done through bank loans.

confuzzled dude wrote:

Marathadi-Saamiyaar wrote:

truthbetold wrote:http://www.bloomberg.com/news/2014-06-08/hidden-assets-seen-worth-2-trillion-targeted-by-india.html

This bloomberg article suggests that about 2 trillion dollars is stashed in swiss banks or other tax havens.

That is 600 billion in taxes according to an estimate.

Now this amount does not include money stashed away in India in benami lands and property, converted to gold and other traditional methods.  

If modi can create some waves on this front, and it leads to more accurate filings of income tax, it would make indian govt that much better. Statistics o will make more sense. Land prices and similar items will reflect market realities. 

i have my fingers crossed. what is your expectation?

computerization of all documentation, registration, financial transactions should minimize,  wonder how transactions are done - with much of the financing done through bank loans.

I realize how "land deals" are done USUALLY. one smaller open sale price with another 30 to 50% under the table in cash. But, with so many yongsters buying flats on bank loans, the "cash" payment will be much less.

I am going through tax laws in India and for Pio/OCI on Indian/US/worldwide incomes. just the brief overview tells me that middal class mamaas dont gain much by having a flat or 2 in India. when you seel, you end up paying upto 20% capital gains. I need to discuss this with my dad's OCI friend who lives in India after retirement. going by the laws, he will have to file Indian tax on worldwide income. Looks like I need to start studying my most hated subjects - finance and taxation - AKA Crookery (dedicated to Amaachi).
Duh! How are land sales done? May be they should cut down registration costs and see if that helps them show the paid value on the books