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Trading in IQ option

27 December 2020

Hi All,

trading ( Binary and Options) under IQ option website / app is legal in India.? Need to know the Tax impact for both profit and losses against trading.

Expecting your guidance ASAP..

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3 Replies

ayusmita (Tax consultant) (5885 Points)
Replied 27 December 2020

Binary and option trading is an European country trading platform
if traded as per SEBI and reserve Bank of India act and guide line then it is legal in india
if not traded as per the guidelines then illegal in india
in Europe country it is taken as gambling and in india it is taken as income
if it is traded as per indian guidelines and legal in india then it's comes under business income
and if it illegal then it's comes under income from other sources
again if off shore brokerage involved then after filling it department might ask you some documents
and if not involved then there's is less change of asking for documents
again to know the legal and illegal
read your terms and conditions and taxation part if not got there then ask your support services number

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