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Transfer freelance income credited in deel to Vested/US brokerage account

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vikasbrb

vikasbrb

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Hi Guys,
Looking for genuine solutions.
I've been working remote as freelancer and getting paid in USD in deel. I want to transfer that amount to vested brokerage account via US bank account but don't want to bring that amount to India. Please let me know how can I do this transfer.
I tried direct transfer from deel to Vested brokerage account but it got failed as the brokerage account accepts amount from bank account under my name only.
 
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Dragon_slayer said:
Why do you dont want to bring to India? Tax reasons or you want hold USD ?
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Yes.I want to avoid tax and invest in US stocks directly. If I had it bring it to Indian bank account and then invest in US stocks, I have to pay forex and transaction charges extra.That too two times it will happen. Also LRS 7L limit comes into picture for TCS. I want to utilize this 7L limit(without TCS) separately by transferring additional amount from India as my goal is invest in US stocks heavily atleast for 1-2 years.
 
vikasbrb said:
Yes.I want to avoid tax and invest in US stocks directly. If I had it bring it to Indian bank account and then invest in US stocks, I have to pay forex and transaction charges extra.That too two times it will happen. Also LRS 7L limit comes into picture for TCS. I want to utilize this 7L limit(without TCS) separately by transferring additional amount from India as my goal is invest in US stocks heavily atleast for 1-2 years.
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To put it simply, you cannot do that. Only way to bypass would be to ask your contractor to pay in Stable coin.
 
Dragon_slayer said:
To put it simply, you cannot do that. Only way to bypass would be to ask your contractor to pay in Stable coin.
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Deel supports crypto payment also in USDC/USDT/BTC/ETH. Can you please explain more how it would help to bypass tax if I transfer in any one of the crypto?
 
CMG said:
The thing is even if you somehow do this, If you ever transfer it back to India(usually more than 10L), IT dept will flag it.
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If I transfer in small chunks to india i.e less than 7L over many years in the future, will IT still flag it?
 
vikasbrb said:
If I transfer in small chunks to india i.e less than 7L over many years in the future, will IT still flag it?
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No idea. I mentioned 10L because, one of my friend's transaction was flagged. He was in Singapore then moved to EU. After moving to EU, transferred around 11 lacs from SIN to India. He had to involve a CA, then had to show SIN bank statements, work visa, salary slips etc to get it cleared.
 
CMG said:
No idea. I mentioned 10L because, one of my friend's transaction was flagged. He was in Singapore then moved to EU. After moving to EU, transferred around 11 lacs from SIN to India. He had to involve a CA, then had to show SIN bank statements, work visa, salary slips etc to get it cleared.
Click to expand...
was the transfer made to NRE/NRO account or regular savings account?
 
vikasbrb said:
Hi Guys,
Looking for genuine solutions.
I've been working remote as freelancer and getting paid in USD in deel. I want to transfer that amount to vested brokerage account via US bank account but don't want to bring that amount to India. Please let me know how can I do this transfer.
I tried direct transfer from deel to Vested brokerage account but it got failed as the brokerage account accepts amount from bank account under my name only.
Click to expand...
How about you withdraw to USD account in Wise app and then invest in your brokerage account using the Wise virtual debit card ?
 
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