r/GIFTCITYFUNDS

With so much uncertainty regarding taxation of gift city funds, I am just thinking to directly start ETF investing through IBKR.

Also I have read that these gift city funds are tax inefficient as portfolio turnover in them create taxable events even without redemption by the investor.

reddit.com
u/zooretdota — 4 days ago
▲ 10 r/GIFTCITYFUNDS+3 crossposts

Opening a Gift City account from the US

Hey FIRE people, is there anyone who successfully opened an account in Gift City in non face-to-face manner? (I'm currently in USA and opening an account there feels like fighting our way through movie villians diplomatically)

My pursuit so far:

  • Tried to open IDFC First NR account, in the hope that it gets easy to open Gift City account. As a result, I'm wasting my time talking to RMs to say 'no' to their insurance schemes.
  • I came across Rupeeflo, which seemed very promising as per the website, they partner with IDFC First bank to open an account in Gift City. But after going through app store reviews, I dropped my hopes.

These options in further offer trading:

  • Belong, which I feel is genuinely active, but they only offer Mutual Funds, AIFs which I can't afford.
  • Eagerly waiting for Zerodha to launch their product in Gift City, but as per their newletter article, it's going to take further to release.

But I just want to open an account in Gift City and just buy stocks in India that fetch dividends. Gift City account is important for me for the ease of tax filing and tax reduciton.

u/beefbuff904 — 6 days ago
▲ 6 r/GIFTCITYFUNDS+1 crossposts

Schedule FA for gift city funds?

What is the latest update on Schedule FA if we are investing through Gift City Funds? DSP says you don’t have to file it, while PPFAS advises us to do so for safety. Why so much confusion?

Which institution is responsible for providing this update: the Income Tax Department or ISFCA?

If we must file Schedule FA, what is the point of investing in a mutual fund through Gift City?

reddit.com
u/96prakhar — 13 days ago