Trading E-mini

[ag_fx]

Thanks AW10 , one needs to use the A2 form for remitting money, right?

Yes Mangafreakz, you need an A2 form to remit funds outside India via a wire transfer.

 

[AW10]

Thanks AW10 , one needs to use the A2 form for remitting money, right?

No idea about the right form to use.. plz chk with the bank.

Edit - when Ankit has confirmed it (who was a banker earlier)..then I will listen to him..

 

[madank]

Deleted.,.,.

 

[mgattani]

I am currently in US but I am looking at a move to india. Have a few questions..

For ES trading:
1. Can you trade ES from India
2. What are the tax considerations? Tax will be have to be paid in US. Can you claim the double taxation benefit?


Thanks. Your help will be greatly appreciated.

 

[AW10]

I am NRI and I my US trading acct is linked to my foreign currency bank acct abroad.
If you are non-resident US person, then Your US broker will ask you to sign W8BEN form and will give u statement of trading acct at the year end without deducting any tax in US.
It is your responsiblity to show that in your tax file at your resident country as income from other sources from abroad (so that in future whenever you transfer the money, your can justify the source of income).

IMO, if it is not a big money, then you can always withdraw and keep it on Yr abroad acct and spend during travel or on internet purchase thru this acct. In that case, money never enters the India so no taxation. But if you want to transfer it to India then you might like to declare it in India after getting year end withhold tax statement.

Please check it with any qualified CA - I am telling what i am practicing. Due to my NRI status, lots of my activities in taxation are beyond Indian IT department's zone.

you find this link and pdf useful - http://www.investopedia.com/ask/answers/06/nonusresidenttax.asp#axzz1aAVyCr8u and http://www.irs.gov/pub/irs-pdf/p519.pdf)

Hope this helps

(regarding PM- you can send it on TJ. Plz chk with moderator /Traderji if there is any limit of minimum number of posts by user before it gets activated).

 

[DanPickUp]

I am telling what i am practicing.

Yep, not paying tax :lol:

 

[AW10]

I wish Dan, if I can get away from it. unfortunately, No Govt in the world allows it.
I am doing majority of my trading in tax shelter accounts/pension account which are not taxed now. But certainly, some day in future, I will have to pay tax on them when I start using that money. So it is more of tax deferred trading than tax avoid trading.

Luckily I am out of reach of Buffet tax category so far.

happy trading

 

[adityasaraf007]

I am NRI

And I thought that atleast we have something in common; i.e.; being nocturnal birds.... I have found many of your posts around 3-4am IST....

Now I am very depressed

 

[timepass]

Yes. Even I would like to know a) whether it is legal, b) which of the established Indian brokers provide this trading facility.

 

[AW10]

And I thought that atleast we have something in common; i.e.; being nocturnal birds.... I have found many of your posts around 3-4am IST....

Now I am very depressed

Aditya, I think, u forgot to notice that many of posts are at 6.00 /7.00 /8 am IST.

Don't worry my friend I am also nocturnal animal (thanks to our education system).. my most productive time is when everybody is sleeping.

happy trading.