Axis Magnus Europe Airbnb booking via Magnus

[Rohit_Gupta]

Hey folks,

My wife is traveling to Europe and I want to book Airbnb/hotel for her stay through Magnus will this also fall under the TCS (tax collected at source) category? I will be making booking today or tomorrow.

 

[4uziaul]

You should ask this question here

20% TCS on all international transactions done using a credit card

Effective from May 16, 2023, all international transactions made using credit cards will now fall under the Liberalized Remittance Scheme (LRS). Furthermore, a 5% Tax Collected at Source (TCS) will be applicable on all international transactions until July 1, 2023. #FEMA 2000 rule no 5 & 7...

www.technofino.in

And only if you cross 7L TCS is applicable.

 

[Rohit_Gupta]

You should ask this question here

20% TCS on all international transactions done using a credit card

Effective from May 16, 2023, all international transactions made using credit cards will now fall under the Liberalized Remittance Scheme (LRS). Furthermore, a 5% Tax Collected at Source (TCS) will be applicable on all international transactions until July 1, 2023. #FEMA 2000 rule no 5 & 7...

www.technofino.in

And only if you cross 7L TCS is applicable.

Thank you, I will post the same over here.

 

[CARDBITRAGE]

But isn't the amount settled in INR itself? Also, is Airbnb asking for Pan for bookings now?

 

[Rohit_Gupta]

yes, that's what raised doubt for me. the amount is anyway settled in INR so it shouldn't have an issue ofTCS.

No, I don't think Airbnb is asking for PAN.

But isn't the amount settled in INR itself? Also, is Airbnb asking for Pan for bookings now?

 

[CARDBITRAGE]

yes, that's what raised doubt for me. the amount is anyway settled in INR so it shouldn't have an issue ofTCS.

No, I don't think Airbnb is asking for PAN.

If international transactions haven't been enabled and the transaction goes through, it should not attract TCS. About the pan, you are required to furnish your pan only for overseas Airbnb bookings now. I tried to make a booking in Indonesia last week and was asked for my pan.

 

[sourpai]

Best option to avoid TCS will be to do the flight booking using Indian OTA platforms / TravelEdge and using Magnus points to book hotel stays in Accor / Marriott. Good thing is that Accor works in ibis also incase one wants to do budget stays. Only the expenditure done within the country would count. But two major expense heads such as flights and stay will stay out of TCS ambit

 

[Thomas Shelby]

Best option to avoid TCS will be to do the flight booking using Indian OTA platforms / TravelEdge and using Magnus points to book hotel stays in Accor / Marriott. Good thing is that Accor works in ibis also incase one wants to do budget stays. Only the expenditure done within the country would count. But two major expense heads such as flights and stay will stay out of TCS ambit

So if we book using axis travel edge and magnus it will not attarct any tcs for flights ?

 

[CARDBITRAGE]

So if we book using axis travel edge and magnus it will not attarct any tcs for flights ?

Nope. You can book through any domestic aggregator like MMT, CT, Yatra, etc. as well

 

[anilkrsh]

I have booked through Airbnb for places in Southeast Asia. The payment are processed through Payu and it shows Airbnb Payments India or Airbnb Gurgaon in description. So it's a domestic txn. Never got any fx markup for on them.

 

[CARDBITRAGE]

I have booked through Airbnb for places in Southeast Asia. The payment are processed through Payu and it shows Airbnb Payments India or Airbnb Gurgaon in description. So it's a domestic txn. Never got any fx markup for on them.

Yes. It won't be counted towards your LRS forex limit. Did you make the booking recently?

 

[anilkrsh]

Yes. It won't be counted towards your LRS forex limit. Did you make the booking recently?

Yep... Last month

 

[CARDBITRAGE]

Yep... Last month

Oh okay. Did you have to furnish your pan?

 

[Purveshladha]

would love to know conversion points which would be needed from bangalore to Bangkok via Air asia or thai airways. Can someone help me with the process for how to do this ?

 

[PiperatGatesofDawn]

You won't get hit by TCS... that's starts from 1st July and is for spends above 7L so that won't matter. And you can claim it back at the end of the year anyways. So unless you're really cash strapped TCS is just an inconvenience and annoyance.

Be careful of the real evil charge that banks are hitting their customers with while booking AirB&B and paying INR. DCC! That is a nefarious charge that's even worse than MCC because you have absolutely no idea what kind of transactions fall under DCC esp. online.

 

[anilkrsh]

Yep I had to add PAN

would love to know conversion points which would be needed from bangalore to Bangkok via Air asia or thai airways. Can someone help me with the process for how to do this ?