Trading in European market

This query is : Resolved

praveen (Querist)
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15 June 2017 hello sir, I'm planning to trade in a option market which is regulated by cyprus. I have learnt strategies to get profits. I think that I will get income of 5-10 lakhs per month in foreign currency and it will be transferred to my Indian bank account in INR. till now I'm student and have no income which is to be taxed. I'm investing my savings in market and will be getting profits. I will pay the tax and tell them the source of income, will they block my bank account if they see lakhs in my account?? which is best savings account or current account?? what should I do if they ask my it returns?? till now I didn't filed it as I don't have taxable income.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 June 2017 please check with your bank whether the remittance for such transactions will require RBI approval or not.

as far as income-tax is concerned, as long as the income is properly accounted for and tax is paid, it is fine.