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legality of binary trading in India and money transferred for it
19-Mar-2023 (In Banking / Finance Law)
Is binary trading legal in india? And suppose if I have profit more than 20 lakhs at binary brokers like iqoption.com and I receive 20 lakhs from them directly in my bank account, what problems I can face?? And if I pay tax , then there be any issue? How much tx I need to pay?
Hello, Any trader should be registered with SEBI u/s 3 and 12 of SEBI act. Binary trading is kind of gambling, forex trading ... etc., and the income you gain is taxed u/s 115 BB of Income tax act. You need to pay 30% tax for your gains. But, There are other factors can be considered to get tax waiver. You can consult Tax lawyer for more info. on filing return.
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