1. It would be naive to ignore the fact that three "physical assets" which have kept a significant amount of wealth away from taxation are gold, higher currency notes and real estate, considered in any order.
2. Venturing into the pros and cons of "investing" in these assets is endless.
3. However, an investor, who is a regular employee getting salary in his bank, should consciously avoid falling into a self-trap of converting his well-accounted income into unaccounted "assets" due to his own folly, especially in the first two, primarily due to greed, convenience or sheer ignorance.
4. While purchasing physical gold, for any reason, its "asset accountability" can be kept sacrosanct for future generations by simply insisting upon digital/ cheque/ bank transfer mode of payment and subsequent receipt/ certificate from the seller, instead of "acceding" to his request for cash payment (by drawing from the ATM) and his lame sop to "save on tax" without issuance of a proper cash memo.
5. While purchasing other "movable assets" too, as well as paying utility bills, insisting on direct modes of payment (instead of losing linkage through ATM cash), with a proper receipt, would make "accounting for them" foolproof in future.
6. With this inherent practice, you're automatically safeguarding yourself from the "prying eyes" of the taxman regarding your sources of "income and expenses", which becomes a trying tense task when their value rises during your wealth creation journey.
7. Finally, whenever you want to sell these "accountable assets", you can easily declare their gains / purchase other assets freely, instead of landing with "unaccountable" non-documented money in your hands - whose genesis was from your perfectly legitimate hard-earned money in the first place !
2. Venturing into the pros and cons of "investing" in these assets is endless.
3. However, an investor, who is a regular employee getting salary in his bank, should consciously avoid falling into a self-trap of converting his well-accounted income into unaccounted "assets" due to his own folly, especially in the first two, primarily due to greed, convenience or sheer ignorance.
4. While purchasing physical gold, for any reason, its "asset accountability" can be kept sacrosanct for future generations by simply insisting upon digital/ cheque/ bank transfer mode of payment and subsequent receipt/ certificate from the seller, instead of "acceding" to his request for cash payment (by drawing from the ATM) and his lame sop to "save on tax" without issuance of a proper cash memo.
5. While purchasing other "movable assets" too, as well as paying utility bills, insisting on direct modes of payment (instead of losing linkage through ATM cash), with a proper receipt, would make "accounting for them" foolproof in future.
6. With this inherent practice, you're automatically safeguarding yourself from the "prying eyes" of the taxman regarding your sources of "income and expenses", which becomes a trying tense task when their value rises during your wealth creation journey.
7. Finally, whenever you want to sell these "accountable assets", you can easily declare their gains / purchase other assets freely, instead of landing with "unaccountable" non-documented money in your hands - whose genesis was from your perfectly legitimate hard-earned money in the first place !