Any Spot Forex trader from Mumbai?

[throwawayacc123]

Check the image for the Payment option bro (same for deposit and Withdrawal). I`m using Hotforex since long time and so far its good for Asians traders.

Please don't use Credit cards or any electronic medium like paypal/money bookers. your card and paypal a/c will be blocked.

Just a warning, do not listen to people who say otherwise , you will get into a lot of trouble. Banks and RBI are now watching a/c's that trade FOREX closely.

 

[aryabhatta]

Please don't use Credit cards or any electronic medium like paypal/money bookers. your card and paypal a/c will be blocked.

Just a warning, do not listen to people who say otherwise , you will get into a lot of trouble. Banks and RBI are now watching a/c's that trade FOREX closely.

totally agree never even heard of a broker who accepts cash ..... and i would stay far away from any who do

I found a loop hole in the rules it says not allowed for resident Indians, it doesn't say not allowed for non-resident Indians. I stayed outside the country for 184 days last year ... as far as I can tell it seems a legit way to trade forex ie try to stay abroad for 6 months a year.

there is an additional issue though on which i have found no clear cut answer. Your income in foreign currency earned abroad is not taxable but when we return if we continue to trade from India for the rest of the year is that income taxable ?

 

[Galts Gulch]

totally agree never even heard of a broker who accepts cash ..... and i would stay far away from any who do

I found a loop hole in the rules it says not allowed for resident Indians, it doesn't say not allowed for non-resident Indians. I stayed outside the country for 184 days last year ... as far as I can tell it seems a legit way to trade forex ie try to stay abroad for 6 months a year.

there is an additional issue though on which i have found no clear cut answer. Your income in foreign currency earned abroad is not taxable but when we return if we continue to trade from India for the rest of the year is that income taxable ?

Though you trade from India, Tax depends on where you get the withdrawals to ... If you get it in India, you will be taxed, depending on the income. If you withdraw to a bank outside India, you will be spared ...

 

[funkytoon_suns]

I would not be that mad .... Im not that rich also ....

Normally I withdraw about 15,000$ - 20,000$ every month ... Not on a single day again ... I'm smart enough not to fall in to any trap ...
:thumb::thumb::thumb:

Bro if you withdraw $15000-$20000 that means you are a millionaire trader :thumb:

 

[Galts Gulch]

Bro if you withdraw $15000-$20000 that means you are a millionaire trader :thumb:

Its the combo of my funds and my clients' funds as well ...

 

[funkytoon_suns]

Its the combo of my funds and my clients' funds as well ...

Great I wish I get a client too. Distributing profits

 

[Galts Gulch]

Great I wish I get a client too. Distributing profits

Why Not?

Open a Live account ... Trade Properly ... Show Consistent Profit ... Keep both RDD and ADD less ...

I will get you clients ...

 

[funkytoon_suns]

Thanks bro. I wanna ask u somethings. Can u please send me an e-mail on [email protected][[/COLOR]/email][SIZE="5"][COLOR="Blue"][COLOR="DarkRed"][/COLOR][/COLOR][/SIZE][/FONT][/FONT]

 

[aryabhatta]

Though you trade from India, Tax depends on where you get the withdrawals to ... If you get it in India, you will be taxed, depending on the income. If you withdraw to a bank outside India, you will be spared ...

Where did you get this from ?

Tax has nothing to do with where you get your withdrawals.

It has everything to do with your resident status, if you're status is of resident your global earnings are subject to taxation.

If you're non-resident then your foreign earnings are non taxable but your Indian earnings are still taxable.

It doesn't matter where you get the withdrawals to whether you put in a bank in India, outside India, under your mattress whatever.

My question is if you're status is non resident but you trade forex from india (with an overseas broker) is that profit taxable?

Is this income classified as Indian earnings (because you are in India or is it considered foreign earnings because broker is abroad)

If it is classified as "earnings in India" then it is taxable & I have to pay tax even if I have NRI status if it is classified as "earnings outside India" then it is exempt from taxation because of NRI status

 

[aryabhatta]

in the course of this thread read somewhere about this Lite Forex broker, never heard of them so decided to do a search.

First thing that pops up is

" 2014-09-21
Special Notes:

CAUTION: LiteForex has a policy limiting a trader's profits on news events and gap openings. This rule is currently listed as item 6.8 here.

SCAM CONFIRMATION

September 17, 2013: There are now 4 FPA Traders Court Guilty verdicts against LiteForex. The FPA now considers LiteForex to be a scam.

LiteForex is blacklisted. The FPA recommends AGAINST opening accounts with LiteForex. If you have an account with LiteForex, we recommend you withdraw your money as quickly as possible."

Taken from here ---> http://www.forexpeacearmy.com/public/review/www.liteforex.com

I have no interest in LiteForex even if they gave me a free bonus and this doesn't necessarily mean they are a absolute scam but the chances are high.

Urge members to please do their own research and not believe anyone (including me) before making any decisions, afterall it is your hard earned money not mine.