Sixer employs a First In First Out approach to calculating realized gain/loss when you sell your stocks
The only fee Sixer controls is our withdrawal fee at 1.5%
A TDS of 31.2% will only be applicable if the realised gain from a single sell transaction is more than INR 10,000.
GST is calculated by the payment gateway for each payment method on the fee that is deposited and withdrawn
First in First Out
If you buy stocks in multiple transactions at different prices, then Sixer will calculate the realized loss/gain for those stocks based on a First In First Out principle. That means that the stocks you sold will be at the earliest time frame, and will move forward as you buy more stocks. Confusing? Don’t worry, here’s an example:
- 1. You buy
10 stocks of Kohli at
150 Sixer Coins per stock
- 2. You buy another
15 stocks of Kohli and
180 Sixer Coins per stock
- 3. Kohli plays well and you sell
12 stocks at
185 Sixer Coins per stock
10 stocksof Kohli at
150 Sixer Coinsper stock
15 stocksof Kohli and
180 Sixer Coinsper stock
185 Sixer Coinsper stock
Your profits will be calculated as follows:
10 Stocks x (185-150) + 2 Stocks x (185-180). So, 350 + 10 = 360 Coins as profit.
Tax Deduction at Source (TDS)
TDS will only be applicable if the realised gain from a single sell transaction is more than INR 10,000. Any sell transaction worth a gain in excess of INR 10,000 in a single sell transaction would attract TDS @ 31.2%.
When a user sends in a sell request to the extent of a realised gain of INR 10,000, no TDS will be applicable. A single sell transaction would also include a sell order in a single-player being done while closing a portfolio or selling multiple fantasy stocks in a single player at a time.
In an event of making a profitable trade in a player exceeding the aforementioned amount, Sixer reserves 31.2% of the winnings towards future tax liability and remits the balance to the user's Sixer Wallet instantly.
For instance, let's say you've invested 5,000 Sixer Coins in Player X:
Scenario 1:If you make a profit of 6,000 Sixer Coins and decide to sell Player X's fantasy shares for 11,000 Sixer Coins (Invested Coins + Realized Gain):
- - 5,000 Sixer Coins, i.e. your initial investment, and 6,000 Sixer Coins, I.e. your gains will be credited to your Sixer Wallet instantly.
Scenario 2:If you make a profit of 11,000 Sixer Coins and decide to sell Player X's fantasy shares for 16,000 Sixer Coins
- - 5,000 Sixer Coins, i.e. your initial investment will be credited to your Sixer Wallet
- -11,000 Sixer Coins, i.e. your gains, are liable to TDS. 31.2% of 11,000 Sixer Coins (3,432 Sixer Coins) will be reserved by Sixer with the rest being credited to your Wallet.
- - Since the Realized Gain is in excess of the INR 10,000 threshold, it will be paid as TDS with a TDS certificate also being issued.
Payment Gateway and Sixer Fees
by the payment gatewaydepend on which payment method you use, here is a quick summary for deposits:
- 1. Credit card = 1.75%
- 2. Debit card = 0.50% Under 2,000 INR. 1% above 2,000 INR
- 3. UPI = No Charge
- 4. Net Banking: 1.7%
The GST is a fixed 18% on the charge itself. So, let’s say you want to deposit 100 Sixer Coins and you use Net Banking:
The charge in that case would be 1.7 INR (100 x 1.7%). The GST would be 18% x 1.7 INR = 0.306. So the total charge on a 100 Sixer Coin deposit would be 102.006 INR
Withdrawal:For withdrawals, it’s the same process.
Sixer only charges a 1.5% platform fee on withdrawals, and the bank fee is as follows:
- 1. 2.5 INR up to 1,000
- 2. 5 INR between 1,001 to 10,000
- 3. 10 INR above 10,000
Trading Fees:For every Real Market trade (buy or sell) on the Sixer platform, a trading fee of 0.5% to 3% is applicable, based on market conditions and will be charged on the value of the fantasy stock being traded. However, this trading fee isn't applicable when a referral stock is claimed.