Chandresh ji,

Where are you ?? wanted this highly expert advise from you ... Should we inflate our Indian assets in the first tax returns to avoide the complications of bringing an increased amount later........

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Fido.

Well,.............

Some people advise that you should inflate it to very very hight amounts - You can then sell a book entry (like it is done in India) here in Canada to a person who has income overseas and wants to bring in the money without paying taxes!!!!

So by inflating your assests overseas, not only do you save on your transfers, but can also (potentially) make money here.

The catch is.......you have to report income on those assets overseas and so you will have to be wise on that front. If you do not declare any income on those assets, IRS might question you. If you do, you will have to pay tax on the income supposedly earned on those assets!

Chandresh

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Chandresh

Advice is free – lessons I charge for!!

Akalmand ke liye ishaara hee kaafee hota hai ..... ' for a smart person a hint is enough '



Thanks Chandresh .

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Fido.