FEMA / Income tax
This query is : Resolved
16 February 2011
Hi All
I got reference of one of the foreign companies who is in forex trading. If we deposit certain amount with them then after 30 days they are giving return of about $40000. For this one needs to route the transaction of deposit of funds & withdrawls of profit through Liberty Reserve account.
So I have following queries-
1)How safe Liberty reserve account is?
2)If I transfer $40000 from my LR account to Bank account it will be around INR 18,00,000 So whether my Bank will ask explanation for such deposit in my account & If I am ready to pay tax on it, will I face any problem. Will there be any problem from Bank?
3) Is such transaction allowed under Indian Laws? Will there be any violation of Indian Law?
4) Will this profit be treated as income from other sources? I am a salaried employee...
I got reference of one of the foreign companies who is in forex trading. If we deposit certain amount with them then after 30 days they are giving return of about $40000. For this one needs to route the transaction of deposit of funds & withdrawls of profit through Liberty Reserve account.
So I have following queries-
1)How safe Liberty reserve account is?
2)If I transfer $40000 from my LR account to Bank account it will be around INR 18,00,000 So whether my Bank will ask explanation for such deposit in my account & If I am ready to pay tax on it, will I face any problem. Will there be any problem from Bank?
3) Is such transaction allowed under Indian Laws? Will there be any violation of Indian Law?
4) Will this profit be treated as income from other sources? I am a salaried employee...
CA. Anuj Gupta
(Expert)
17 February 2011
Kindly don't get into false promises .These are sham companies and once your money is gone then its gone for ever.
Anuj
9810106211
Anuj
9810106211
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Royalty payments to the Mining Department for procurement of murum - GST input
- Intimation under section 245
- Import Order Cancelled.
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
