Taxation, Paypal & Domains in India: Questions

[barcode]

Hello All,

I am in the middle of closing a mid $ x,xxx sale on Sedo and I am in a dilemma for the payment options.

1- What should I be using PayPal or Wire Transfer?
2- Is it safe to keep money online on PayPal for a long duration?
3- Can a PayPal transaction be reversed?
4- How does taxation get taken care of: will I be taxed X% of (sale price - buying price)?
5- If I'd like to save on the tax component, whats the best way?
6- Is a sale of a domain regarded as speculative or windfall gain?

Can any of the Indian domainers help?

Many thanks!

 

[barcode]

Anyone?

 

[alemcherry]

1- What should I be using PayPal or Wire Transfer?

For large amounts, always use wire transfer.

2- Is it safe to keep money online on PayPal for a long duration?

That is okay. as long as you do not break any tos, there should not be any problem. But I will personaly advice you only to keep a small amount in your account.

3- Can a PayPal transaction be reversed?

Yes!

4- How does taxation get taken care of: will I be taxed X% of (sale price - buying price)?

You are supposed to pay income tax on your profit. I am not a tax epert, contact a CA

5- If I'd like to save on the tax component, whats the best way?

Contact a tax consultant. People here are domain specialists, not tax consultants. Anyway, I dont think how you do the sale doesn;t have anything to do with how you save tax. Get the money and then think about 80C.. blah.. blah.
[/QUOTE]

 

[chandan]

dont use paypal those idiots are reversing transactions for indians due to their brainless technical problems

check this Paypal reversing indian transactions