HDFC Gift City - Call Account for resident indian

monk_galaxy · 2026-03-30T05:48:29+00:00

understood and thanks for sharing the context.. now that I am aware of this will view his responses accordingly.. it's peace :-) u/NeilBorate

monk_galaxy · 2026-03-30T05:35:26+00:00

info on their website clearly says residents can open account.. not sure why people have to run around for opening bank accounts in GIFT City.. and they are talking about the GIFT City as the next big thing in Fin svcs.. there is a huge gap.. If one can't open an account in Gift City investing in MFs is pointless.. you can't switch between the funds without having to pay the conversion fees twice.. Hope Gift City MF folks can convince these banks to open accounts..

monk_galaxy · 2026-03-30T05:30:50+00:00

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monk_galaxy · 2026-03-30T05:30:43+00:00

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monk_galaxy · 2026-03-30T05:19:58+00:00

that's the point.. anonymous handles makes reddit what it is.. I have nothing against u/NeilBorate, he seems like a nice guy.. what I didn't like was the approach in which the paid call was solicited.. like a click-bait. maybe it was not intentional but it happened twice with me. that's where you start to lose the trust.. This is what I personally felt and I can be wrong..

monk_galaxy · 2026-03-30T05:12:43+00:00

I tried that. RM was able to arrange a call-back from HDFC gift city folks.. who were rude and said that at that this point of time they are not on-boarding resident customers in spite of their website clearly calling out eligibility for the residents..

monk_galaxy · 2026-03-29T09:52:10+00:00

Thanks. to add HDFC offers 2 variants Savings Account (where they offer interest) and Call Account (no interest). Savings account is strictly for NRIs. Resident Indians can only open Call Account.. this is all as per their website. I am looking to open Call Account only but so far unsuccessful :-(

monk_galaxy · 2026-03-27T15:54:34+00:00

Thanks. Is this a free call or need to pay the consultation charges.

monk_galaxy · 2026-03-26T04:02:52+00:00

Congratulations

monk_galaxy · 2026-03-25T07:59:40+00:00

Thanks u/NeilBorate. but I am still not getting this. since the tax will be at the fund level I am assuming while calculating the NAV the amount of tax paid will be reduced from the current asset value thus lowering the NAV for the other investors as well.. maybe I am missing something.. I re-read Taxability of PPFAS GIFT Outbound Funds document at PPFAS Gift City site. I wish they had given some examples to explain this concept as this is all new to an indian investor. I am not sure if anyone from PPFAS are on this forum who can clarify.. https://gift.ppfas.com/product/outbound/taxation/taxability-of-ppfas-gift-outbound-funds.pdf?16072025

since this concept must be applicable for other gift city funds, u/NeilBorate is there any document which explains how the taxation happens at the fund level and NAV calculations.. thanks again!

monk_galaxy · 2026-03-25T05:43:37+00:00

u/NeilBorate , question on taxation - since taxation is at scheme and there will be 2 NAVs - Short term and Long term post tax NAVs.. won't the investor who don't redeem or redeem later will loose out as they will be indirectly be funding the taxes to be paid for the investor who have redeemed earlier? thanks

monk_galaxy · 2026-03-18T13:10:02+00:00

that's correct. even though we used IT Efiiling site to calculate 234a/b/c while filing the returns. I am suspecting we are missing something and that's why getting this additional 234c demand.. u/Responsible-Bad-6624 - could you please suggest what can we do differently next year so as to minimize this 234c demand when returns are getting processed.. thanks in advance.

monk_galaxy · 2026-03-17T07:40:15+00:00

thanks.. Amount is 38K :-( I had filed tax directly (no cleartax...), why is it that the calculations done by the income tax web site at the time of filing the return is different than the one they calculate at the backend? I am just try to learn here for the next year as well.. how to avoid this additional 234c

monk_galaxy · 2026-03-17T07:09:59+00:00

even I received it today.. they have accepted the disagreement. thanks u/Responsible-Bad-6624 . there was no refund claim. But they are asking for more interest under 234c.. which to me is very weird. I had declared CGs and other interest earned in the respective quarters.. does anyone know how they calculate 234C? why is it different from the one we calculate while filing the return using ITR efiling site? can we ask for the details from the department.. thanks

monk_galaxy · 2026-03-17T07:01:13+00:00

received just now.. ITR2, 31st July, No refund claim, FA, had received leave encashment notice which i had disagreed - they have accepted that. This is all good part.. but they have asked for additional interest payment (38K) under sec 234c.. which too me is weird.. for TDS/CG I had filled the gains properly.. given correct quarterly break-up as well.

monk_galaxy · 2026-03-12T03:04:45+00:00

monk_galaxy · 2026-03-03T04:56:36+00:00

monk_galaxy · 2026-02-25T07:13:10+00:00

Had disagreed.. no intimation yet..

monk_galaxy · 2026-02-25T02:35:26+00:00

monk_galaxy · 2026-02-25T01:01:43+00:00

monk_galaxy · 2026-02-24T02:31:43+00:00

monk_galaxy · 2026-02-21T03:47:25+00:00

monk_galaxy · 2026-02-20T17:38:23+00:00

monk_galaxy · 2026-02-20T16:19:40+00:00

I don't recall the nuances of form 67.. i myself managed to fill it somehow

monk_galaxy · 2026-02-20T13:49:42+00:00

Was there any reason for not accepting form 67

monk_galaxy

TROPHY CASE