Foreign Exchange Trading Profit is taxable for an individua?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 March 2010
Hi, i am working with a bank. I what to open a foreign exchange trading account with alpari india and want to trade in foreign currencies. If i earn any profit from it is it to be shown in income tax returns? whether it is a legal activity in india for an individual to trade in foreign exchange? Please reply your valuable answers to my mail id "irajeshvarma@gmail.com"
Thankyou in advance.
Thankyou in advance.
CA Ashok Kumar Sahu
(Expert)
03 April 2010
any type of income of a resident taxable under IT Act subject to any specific exemption. hence income is taxable.
as per my knowledge trade in foreign exchange not permissible in india.
as per my knowledge trade in foreign exchange not permissible in india.
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