Dhan charges explained: US stock brokerage, GIFT City route, FX costs, and TCS

Dhan launched US stock investing via the GIFT City IFSC route in June 2026. The headline benefit — potential TCS exemption on remittances — is genuinely significant for high-income investors. Understanding whether it applies to your situation, and what the other costs are, requires reading past the headline.

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The complete Dhan US stocks fee list

Fee type	Amount	Notes
Account opening	₹0	Free
Annual maintenance (AMC)	₹0	Free
Brokerage — stocks	0.25% per trade	No cap specified for GIFT City product
Brokerage — ETFs	0.25% per trade	Same rate
FX markup on INR→USD	Not prominently disclosed	Via Raise IFSC / ViewTrade; verify before investing large amounts
FX markup on USD→INR	Not prominently disclosed	Via Raise IFSC / ViewTrade
Withdrawal / repatriation fee	₹0 platform fee specified	FX markup applies on conversion
Account closure	₹0	Free
TCS	Potentially ₹0 (GIFT City prevailing interpretation)	Verify with CA; not guaranteed by explicit circular

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The GIFT City structure: why it matters

Dhan's US stocks product routes through Raise IFSC Pvt. Ltd., Dhan's wholly-owned subsidiary registered and regulated by IFSCA (International Financial Services Centres Authority) within GIFT City, Gujarat.

When you fund your Dhan US stocks account, your money goes to Raise IFSC — a domestic Indian entity operating under a special regulatory framework, not a foreign entity. This structural distinction is the basis for two potential benefits:

1. TCS exemption (the big one)

TCS under Section 206C(1G) is triggered by LRS remittances — transfers made by Indian residents to foreign entities or accounts. The argument for TCS non-applicability via Dhan's GIFT City route: transfers to Raise IFSC (a domestic IFSCA entity) are not foreign remittances and therefore do not trigger the LRS TCS provisions.

The math if this holds:

Annual investment	LRS route TCS	GIFT City route TCS
₹10L	₹60,000 blocked until ITR	₹0
₹25L	₹3,60,000 blocked until ITR	₹0
₹50L	₹8,60,000 blocked until ITR	₹0

For an investor deploying ₹25 lakh per year, the TCS advantage means ₹3.6 lakh more is working in markets rather than sitting blocked with the Income Tax Department for 4–12 months.

The caveat:

The TCS exemption rests on regulatory framework analysis, not an explicit Income Tax or RBI circular. Banks generally accept this interpretation and are not collecting TCS on transfers to GIFT City IFSC entities — but the interpretation has not been stress-tested by formal government guidance. Some chartered accountants recommend treating TCS as potentially applicable until explicit guidance is issued, to avoid any retrospective assessment risk.

Recommended action: Confirm with your CA specifically for your situation and the current state of guidance before committing large amounts on the TCS-free assumption.

2. LRS $250K annual cap

The $250,000 annual LRS cap limits how much Indian residents can remit abroad under LRS across all categories (education, travel, investment). Under the same GIFT City interpretation, transfers to Raise IFSC may not count against this cap — because they are not LRS remittances.

For most retail investors, the $250,000 cap is not a binding constraint. For investors remitting at scale, the potential unlimited ceiling is relevant.

3. Section 10(4D) capital gains exemption — potential but uncertain

Section 10(4D) of the Income Tax Act provides exemption on income from specified securities in IFSC. If your US stocks held via Raise IFSC qualify — which requires CA-level analysis of the specific structuring — capital gains could potentially be exempt from Indian income tax. Zero LTCG, zero STCG.

This is the most uncertain benefit and should not be assumed without explicit CA verification. The current state of CBDT guidance on this for retail investors accessing US stocks via GIFT City is limited.

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Brokerage: 0.25% — higher than Tickertape and Rovia

Dhan charges 0.25% per trade for US stocks. This is the same as Vested and INDmoney, but higher than Rovia and Tickertape (both 0.15%).

Annual investment	Dhan at 0.25%	Rovia / Tickertape at 0.15%	Annual brokerage saving
₹5L	₹1,250	₹750	₹500
₹10L	₹2,500	₹1,500	₹1,000
₹25L	₹6,250	₹3,750	₹2,500

For investors where the GIFT City TCS benefit applies (saving ₹3.6L on ₹25L invested), the brokerage disadvantage (₹2,500 per year vs Rovia/Tickertape) is insignificant in comparison. The TCS saving overwhelms the brokerage difference at meaningful investment levels.

For investors below the ₹7L TCS threshold — where Dhan's GIFT City advantage is zero — Rovia and Tickertape are simply cheaper on brokerage.

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FX costs: verify before investing large amounts

Dhan's US stocks product uses the Raise IFSC / ViewTrade infrastructure for FX conversion when you fund your account. The specific FX markup is not prominently disclosed in Dhan's published fee schedule.

Before transferring ₹5 lakh or more:

1. Check the live exchange rate Dhan offers at the time of transfer against the mid-market rate (xe.com as reference)
2. The difference is the effective FX markup
3. A 1% FX markup on ₹10 lakh = ₹10,000 in FX cost — 4× the brokerage cost at 0.25%

For large investments, FX cost can significantly outweigh brokerage. Verify before you commit.

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US stock SIPs: Dhan's differentiated feature

Dhan supports US stock SIPs — recurring investment instructions where a fixed rupee amount flows into a specified US stock or ETF at a set frequency (weekly, monthly, etc.). This is useful for investors running a disciplined dollar-cost averaging strategy into a US index ETF without placing manual orders each time.

Among the GIFT City route platforms, automated US stock SIPs are currently a Dhan differentiator. Tickertape's recurring investing capability is not explicitly confirmed as of mid-2026. Neither Rovia nor Vested currently offer automated US stock SIPs.

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Indian equity integration

Dhan is a well-established platform for Indian equity and F&O trading. If you already use Dhan for Nifty options or Indian stocks, your US holdings appear in the same app — one portfolio view, one login, one P&L dashboard across Indian and US investments.

This integration is genuinely useful for investors who actively manage both. It is the same advantage INDmoney offers, and it is meaningful if your workflow involves regularly looking at your full financial picture across markets.

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What Dhan does not do for US stocks

• Inbound ACATS transfers: Cannot receive RSU shares from Fidelity, E*TRADE, Schwab, or Morgan Stanley. RSU holders need Rovia.
• Lot-level INR cost basis: No vest-date SBI TT rate tracking per lot.
• Specific-lot identification at sell: No lot selection at sell; defaults to FIFO.
• Schedule FA helper: No automated Schedule FA output.
• Tax-loss harvesting reports: No realized-loss schedule with carry-forward.
• US options or futures: Cash equities and ETFs only.
• London-listed ETFs: No access to LSE-listed securities for US estate tax planning.

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Total cost example: ₹25 lakh invested via LRS vs Dhan GIFT City

This example makes the TCS case most clearly.

Scenario: ₹25 lakh invested in US stocks, held 18 months, sold for ₹31 lakh (24% return in INR).

Cost component	LRS platform (e.g., Vested)	Dhan (GIFT City, prevailing interpretation)
FX markup on buy (~0.75%)	₹18,750	Verify with Dhan
Brokerage on buy (0.25%)	₹6,250	₹6,250
TCS (20% on ₹18L above ₹7L threshold)	₹3,60,000 (blocked, refundable)	₹0
FX markup on sell (~0.75% of ₹31L)	~₹23,250	Verify with Dhan
Brokerage on sell (0.25%)	₹7,750	₹7,750
STCG on ₹6L gain (30% slab, <24 months)	₹1,80,000	₹1,80,000
Capital blocked until ITR	₹3,60,000	₹0

The TCS difference at ₹25L invested is ₹3.6 lakh — entirely blocked (though refundable) under the LRS route. Via Dhan's GIFT City route, that entire amount stays invested and working. If the Section 10(4D) exemption also applies, the ₹1,80,000 STCG liability potentially drops to ₹0 as well — but this requires explicit CA verification.

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Who should use Dhan

Dhan is the right choice if:

• You are a high-income investor remitting ₹15 lakh or more per year to US stocks, where the TCS saving is material — and you have verified with your CA that the GIFT City interpretation applies in your situation
• You already use Dhan for Indian equity or F&O and want a unified portfolio view across markets
• You want automated US stock SIPs for disciplined recurring investing
• You want a very new product in a well-established company (Dhan is established; its US stocks product launched June 2026)

Dhan is not the right choice if:

• You are investing less than ₹7L per year — the TCS advantage is zero below the threshold and Rovia/Tickertape have lower brokerage
• You have RSU shares to consolidate from an employer broker → Rovia
• You need Schedule FA automation, lot-level tax tooling, or specific-lot sell identification → Rovia
• You are cautious about products with no track record — Dhan's US stocks launched weeks before this article was written

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Dhan vs alternatives at a glance

Dimension	Dhan	Rovia	Tickertape	INDmoney
Route	GIFT City (Raise IFSC)	LRS	LRS	LRS / GIFT City
TCS	Potentially none	20% above ₹7L	20% above ₹7L	20% above ₹7L (LRS)
Brokerage	0.25%	0.15%	0.15%	0.25% (capped $35)
RSU ACATS inbound	No	Yes	No	Yes
Schedule FA helper	No	Yes	No	Yes
Indian + US in one app	Yes	No	Partial	Yes
US stock SIP	Yes	No	Unconfirmed	No
Platform maturity (US stocks)	June 2026	2025	2024+	2021+

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Related reading

• Dhan US stocks via GIFT City: what it means and how it differs
• GIFT City vs LRS: the complete guide for Indian investors
• Rovia vs Dhan for US stocks
• Dhan vs Tickertape for US stocks
• Best US stock platform for Indian investors 2026

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Vested.blog is the editorial publication of Rovia.