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Tax on sell of bitcoin india

tax on sell of bitcoin india

for crypto assets, Khurana says, explaining another grey area in the law that leaves the taxation aspect of cryptocurrency open to interpretation. For equity shares, the period of holding is one year, after which the tax to be paid decreases a lot in most cases. Cryptography, to put it in simple words is a method of converting comprehensible data fucus forex into complicated codes which are tough to crack. Therefore, the possibility of tax on bitcoins can be looked at under the following circumstances: Scenario, a : Bitcoin Mining, bitcoins created by mining are self-generated capital assets. One can obtain bitcoins either by : Mining, mining is an activity where an individual (called the miner) uses his computer prowess to crack computationally difficult puzzles. LibraTax: Web-based software for importing bitcoin transactions and calculating gains/losses. In principle everyone is of the opinion that this is going to attract a flat 30 percent tax. Bitcoins being received so shall be treated on par with receipt of money. Are they foreign assets or native assets would you consider it an Indian asset if it has been coined (or mined) in India?

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This position would hold till such time the government thinks of coming up with an amendment to Section 55 of the Act. "Every bitcoin transaction is taxable writes. It determines how bitcoins are taxed, what information you'll need to make sure your taxes are calculated correctly, and what tax planning techniques you can use to minimize your taxes on bitcoin transactions. Everyone cannot be a bitcoin miner. Hence, the provisions of capital gains would not apply at all. Accordingly, the income tax authorities may choose to tax the gains from bitcoins under the head Income from other sources. The governments position is clear, we dont recognise this as legal currency as of now,. . As a reward for this, the miner gets new bitcoins which is nothing but creation of a bitcoin or mining. The taxman comes when you dispose. After RBI's Latest Move, Is Bitcoin Dead in India? At the exchange rate, in a reasonable manner that is consistently applied.". A tax professional can help you with these concepts.

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