Foreign Exchange Trading Profit is taxable for an individua?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 March 2010 Hi, i am working with a bank. I what to open a foreign exchange trading account with alpari india and want to trade in foreign currencies. If i earn any profit from it is it to be shown in income tax returns? whether it is a legal activity in india for an individual to trade in foreign exchange? Please reply your valuable answers to my mail id "irajeshvarma@gmail.com"

Thankyou in advance.

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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03 April 2010 any type of income of a resident taxable under IT Act subject to any specific exemption. hence income is taxable.

as per my knowledge trade in foreign exchange not permissible in india.