Indmoney US Stocks feasible to stay invested or withdraw the money post-TDS 20%

[Rammohan]

I have one question now regarding indmoney USA stocks. post this rbi TDS 20% deduction in foreign transactions. is it wiser to stay invested in indmoney or liquidate the stocks & withdrew the real money? Because from July 1st onwards govt is imposing 20%tds on foreign remittances. is it wiser to stay invested or exit permanently? someone kindly confirms the same with sources.

 

[aniruddhaadhe]

I have one question now regarding indmoney USA stocks. post this rbi TDS 20% deduction in foreign transactions. is it wiser to stay invested in indmoney or liquidate the stocks & withdrew the real money? Because from July 1st onwards govt is imposing 20%tds on foreign remittances. is it wiser to stay invested or exit permanently? someone kindly confirms the same with sources.

+1

 

[akshayhs]

I have one question now regarding indmoney USA stocks. post this rbi TDS 20% deduction in foreign transactions. is it wiser to stay invested in indmoney or liquidate the stocks & withdrew the real money? Because from July 1st onwards govt is imposing 20%tds on foreign remittances. is it wiser to stay invested or exit permanently? someone kindly confirms the same with sources.

I am not a financial advisor so don't treat it as one, but if I were you, I'd stay invested if you have put money in good ETFs or stocks of individual companies.

As far as I understand, If you are going to invest on or after July 01st, then that amount will be applicable for 20% TCS. I am also awaiting some clarification regarding this.

 

[suhasa010]

I have one question now regarding indmoney USA stocks. post this rbi TDS 20% deduction in foreign transactions. is it wiser to stay invested in indmoney or liquidate the stocks & withdrew the real money? Because from July 1st onwards govt is imposing 20%tds on foreign remittances. is it wiser to stay invested or exit permanently? someone kindly confirms the same with sources.

No TCS until 7L threshold. So unless you remit more than 7L you won't be liable.
Someone please correct me if I'm wrong.
I just opened IndMoney US stocks account today.

 

[DarkKnight]

Govt imposed a 20% TCS (tax collected at source) on the purchase of foreign assets directly starting July 1st, 2023. This meant that for every INR 100 investment you had to make, the government would collect INR 20.

However, there’s no need to worry. You’ll receive a refund of the TCS when you file your Income tax returns. But the problem is the impact of opportunity cost you’ll have to bear on the TCS paid until the refund.

One way to avoid paying TCS is by purchasing mutual funds and ETFs released by Indian fund houses. Purchasing these products does not bear the effect of TCS. However, they could be more tax efficient since these funds are treated similarly to debt funds and are taxed at slab rates.