So is this possible i will receive money as gift which will be sent by my friend to his relatives here and i will collect from them,as I don’t have my cousin But my friend
This seems to be okay(not sure)…if u scroll up, there’s an answer by @abbanerjee where he said something to this effect.
My opinion: Your WOS engaged in providing hosting services will need to generate a significant portion of income from its primary activity of hosting etc for it to be classified as such. Otherwise it’ll be treated as a front for carrying out financial speculation.
As per what @abbanerjee said, there’s no need to beat around the bush, one can openly set up an investment firm and buy shares of the same and then use money so invested to trade Eminis etc.
You’ll have to trade in your friend’s overseas account. Why bother your relatives, he can wire you directly.
takes just 8 lakh.
I can help.
Just tell how you do it please.
So if I go to US for a couple of months and work there make some money, I can use it to trade. Am I correct? Or do I have to wait for a year to get NRI status?
But it would be safe if you do like what I mentioned because why should a friend wire you money
What if I become NRI. Can I earn come back and continue?? What if I used the money to start a trading firm? Can I continue if I come back to india?
There need not be any reason as to why a friend is sending you regular monthly payments. You’d be taxed twice though. Once by the country your friend is resident of and then by our own(gift tax)
If you’re willing to go to such lengths, why not enlist HFT to get the job done. It’s only 8 lacs and you don’t have to rack your brains
But he is not telling what the process is. Also, I am not very comfortable revealing my identity on an online forum So I really cannot connect with him personally.
So if I operate his account do I need advisory license or will it attract any legal problems? because somebody said still it will be counted as I’m investing in foreign is that true?when I’m not sending any money but only receiving
You would obviously have to meet up with him otherwise how’s it possible. Many have enquired about the process but it seems he wants to ensure he gets compensated, which is fair i suppose… don’t reveal ur identity on the forum…pm him
No you don’t need anything because no one will know you are the one that’s actually placing trades. As long as you aren’t pooling funds from several people etc, there’s no issues. Better to show it as income from software consulting services etc
Thanks for the reply Vivek ji but do we need to show that software consulting?where do you need to mention as we receive it as gift I think there will not be any question regarding that am I right?
Right there won’t be a question anyway but u could save on double taxation if it’s business income which unlike gift is subject to being taxed twice
check your pm.
Also would like to suggest that ONLY PURSUE US TRADING SETUP IF THE SETUP COST OF AROUND 8LK IS A SMALL PERCENTAGE OF YOUR TRADING CAPITAL BECAUSE OTHERWISE IT’S NOT WORTH IT.
Anyways can a NRI retain his future trading account or company that does the future trading upon returning to india?