Hi Blind community, My dad wants to use my brokerage to apply for IPO, I am on H1B in USA while my dad is in India. 1) Is this legal ? 2) Do I have to pay tax in usa if he gains any profit in India by selling those stocks ? Offcourse he will file taxes on my behalf in India. Thanks
Lol what IPO
Noooooo…it’ll be a reporting pain when you file taxes here…
You (he) buy can if it’s a nre/nro designated brokerage account.
It's not Nre designated
It’s against FATCA. Convert them, Now.
Ipo in US don’t work the same as India
Can you elaborate ? Is this legal or not
Why so many indians in this app beahahaha
Do you know that 1/5th of world population is India. Adjust it for English speaking and tech demographics and it's probably closer to 1/3 to 1/2.
So a poor rural farmer on blind. Got it!
Does he want to apply for IPO in ur India NRE account?
No under my normal banking account.