Hello all,
My father is an NRI and he participated in stock exchange saying as Resident. I have read somewhere that it is illegal to do so. is it? is there any loopholes?
i would like to know what will be the penalty / consequence for doing this?
he is been doing it for some years now, he did file income tax returns (it's loss in all years - huge losses actually).
It would be great if someone can detail about this.
thanks in advance.
My father is an NRI and he participated in stock exchange saying as Resident. I have read somewhere that it is illegal to do so. is it? is there any loopholes?
i would like to know what will be the penalty / consequence for doing this?
he is been doing it for some years now, he did file income tax returns (it's loss in all years - huge losses actually).
It would be great if someone can detail about this.
thanks in advance.