Hi,
I wanted to hear your thoughts on Forex Trading through International Brokerage companies..
As you might be knowing recently various forex trading companies like iForex, XForex have started huge online promotions in India through online portals like TOI, etc.
They all claim that forex trading is legal and they follow all legal norms of trading.
However, RBI in their past circulars may be around a year back said such trading is prohibited though there are no strict norms as of today..
So, my questions are-
1. Is it safe to trade forex currencies through such international companies?
2. are there any legal/ compliance issues involved?
3. If we do trading, how we book P/L in books?
If we see profits, does that comes under speculative trading with impact of 15% taxation or will be considered under our tax bracket?
In case of profit/loss, is it adjustable with other business profits/loss?
I would love to hear your thoughts here..