I was checking one of the brokers mentioned in the thread. They are accepting local Indian bank deposits. However, the account they mention to transfer fund to belongs to some individual. Apart for the security of the fund, I am more concerned about the tax treatment of such transactions. Effectively I would be transferring fund to some person's account ( pay-in) and would also receive fund from him ( pay-out )... I would like to know what would be the tax implications for such transactions... can anyone throw some light on this please ?
Worry about tax implication ONLY if you are planning million dollar accounts ..
I have 70,000$ account spread over 5 brokers ...
Never ever faced any issues ..
Do note I'm paying tax since good 7 years ...