Transfer of funds into an external platform would not result in any profit/gain as it involves only transfer of funds to self. Further no transaction has been undertaken / executed resulting in any transfer of any asset. However, w.e.f. 1st October 2023, any foreign remittance by resident individuals under Liberalised Remittance Scheme framed by RBI may trigger TCS (Tax Collection at Source) provisions which requires collection of tax by an authorised dealer @20% where the total foreign remittance including transfer of funds exceeds INR 7,00,000 per annum. In this regard, transfer of funds into Stockal platform by way of foreign remittance may attract TCS. However, it is pertinent to note that Authorised Dealer (bank) would be liable to collect TCS @ 20% on the amount exceeding INR 7,00,000.
Disclaimer: This article is for informational purposes only. None of the contents of this article should be treated as advice.
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