Check with Axis bank too, I am a non USA NRI… recently a friend opened accout with Axis… they verified him thru a skype video call (hence no need to be present in India)
to add, everything I shared above, can be done from US.
I sold one stock with holding period less than 1 year. Yes Bank charged me 18% as TDS. Even short term tax is 15%. And my tax country is US, not India. Has anybody else faced this issue before ? and is it legal to deduct TDS and that too at 18%
You have to submit DTAA certificate to avoid taxes. Also you can claim credit while filing taxes in US. Please check with your CA/CPA
google search landed me on below page
Need help guidance from senior members who have investing in Indian equities from USA through PIS route.
I wanted to understand if I would owe taxes on any unrealized gain for a given tax year. Below please find an example:
a) I buy stock A worth Rs. 10 lakhs on 01/01/2017
b) Investment value in stock A grows to Rs. 40 lakhs on 12/31/2017 and still remain invested (Rs. 30 lakhs unrealized profit).
Do I owe taxes on Rs. 30 lakhs unrealized profit for the year?
If I go by what has been mentioned in below article and assume that “Option 1: Election to mark-to-market PFIC” will to be applied on direct equities as well, then I would owe taxes on Rs. 30 lakhs of unrealized gain in my above example.
Any guidance/suggestion from senior members who have been filing/reporting taxes to IRS for their Indian direct equity investments will be much appreciated.
As per my understanding
The article you have attached is for Mutual fund holding and the same goes for Fixed deposit and PPF account. However PIS route is for direct investment into equity and that will be treated as equity profit and loss (ie it has to be added as P/L every year) however you may have to fill FATCA form for current holding with IRS every year. However you may want to confirm the same with a CPA.
The question is for US based NRIs related to LTCG tax:
Does US based NRIs need to pay LTCG tax in India for gains on NRE demat Account? Is it fine to pay taxes only in US as US tax resident.
If at all paying taxes in India, how are you handling as tax years different (in US Jan-Dec, in India April-March)
Cross posting for the meetup in Bay-Area/SanFrancisco as several posters here are likely in USA: Meet up in San Francisco / Bay Area
Admins: Please feel free to take actions, if irrelevant here
Does anyone have a good way to compute the STCG and LTCG using FIFO method esp. when purchasing securities in various buy quantities and various buy prices, and doing the same at selling time. I want to make it easy to show it for the Indian taxes and USA taxes.
I have a NRE, NRO and PIS account set up with Yes Bank. I want to setup the the demat and trading account with Zerodha now. Can you please tell me who is your contact at Zerodha?
Mine was setup a year ago. Sales folks at these companies change very fast, but try email@example.com. She was account manager sales. Otherwise, just share your details at the site.
I am with zerodha…but still I am paying rs 88 per each contract to axis…
Any advise…how to get rid of this fee
How long did it take to open the account at Zerodha and did you do it from USA? Did you send all the documents from here?
I want to set up an NRE PIS account. Did you do NRE or NRO? I will reach out to Zerodha.
NRIs, we need to become more active here…
There are so many things to evaluate, but not getting replies. We might not have too many NRIs or they do not know about this Forum Topic.
Taxation is COMPLEX since it has to be dealt with on BOTH sides of the ocean.
Guys did anyone have a look at this - https://zerodha.com/z-connect/zerodha/open-an-account/nro-non-pis-account-opening ? Do we now have an option to not to go through the hassle of PIS?
Pis is the most straightforward
What is the hassle
You incur a 100 to 150 rs cost and can’t easily move accounts
The post says use nro account
So you can’t easily convert and transfer money back
Rbi also has a 5% surcharge to convert resident money to non resident money