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...
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
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