Regards
i want to know about legality and taxation on trading foreign assets(painting,artworks,assets) for profit. purchase will be all through outward remittance to US and EU (in range of 1-5 crore per month) and sale will be done either to foreigners or indian people so inward payment mode could be any. certain questions regarding this
1. TCS applicability if registered trading company(pvt ltd)
2. legality of business
3. any exemptions required from any authority for large scale outward transactions
4. i assume gst is not applicable as delivery of assets will almost always be in foreign land and in foreign convertible exchange.
did a lot of research but laws ain't that very clear on google. LRS is not applicable. not a word on foreign remittance rules by corporations on search. FEMA also is quite unclear regarding procedure though i believe transaction will very likely be under CAPITAL ACCOUNT TRANSACTIONS under FEMA
CAclubindia
