Are NRIs required to file Indian tax returns for income earned through GIFT City IPOs or investments?

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• What is the dividend income tax liability for NRI investors in a GIFT City IPO?

  Dividend income received by non-resident Indians (NRIs) or foreign entities from companies or funds listed in GIFT IFSC is subject to a withholding tax of 10% in India (plus applicable surcharge and cess).

• Who can apply for these IPOs?

  Both NRIs and OCIs can apply for the IPOs listed on GIFT City exchanges.

• What are the key advantages for investors in subscribing to an IPO listed on GIFT City compared to a domestic Indian stock exchange?

  Taxes exemptions and simpler compliance (particularly for non-residents and FPI investors) - Zero capital gains tax - No Securities Transaction Tax (STT) - No Commodity Transaction Tax (CTT) - No stamp duty on trades via GIFT

• What IPOs are available for investment on Belong?

  You will be able to view the available IPOs right in the Belong app itself. Belong enables investment in USD-denominated IPOs listed in GIFT City (IFSC). Please review individual IPO details listed on the app before investing.

• Why are there so few IPOs available on the app?

  GIFT City is a new international financial centre, and the IPO ecosystem is still developing. As more companies choose to list here, the number of available IPOs is expected to grow. Stay tuned to the Belong app for the latest updates!