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Legal-Working for foreign prop firms in forex trading & getting paid
18-Mar-2023 (In Corporate Law)
what if trade with MyForexFunds.com (a prop trading firm) and get payout into Deel account and then withdraw to Payoneer and then withdraw to my Indian bank account, will that comply with FEMA act of RBI
As per the FEMA rules, any amount sent as a gift to eligible relatives will be tax-free. Anybody outside the list will attract a tax liability if the amount exceeds Rs 50,000.
However, the rule is different when sending money from the United States. The relationship between the sender and receiver does not matter here. The maximum amount of tax-free remittance one can do USD 14,000. Beyond this amount, it would be subject to gift tax for the sender.
However, the rule is different when sending money from the United States. The relationship between the sender and receiver does not matter here. The maximum amount of tax-free remittance one can do USD 14,000. Beyond this amount, it would be subject to gift tax for the sender.
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Adv. Pankaj Bajaj
Mumbai | 500+ Answers
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