Crypto Tax in India
1
The Indian government’s crypto tax legislation received the assent of the President of India.
Crypto Tax in India
2
The crypto tax law enforces a 30% tax on profits from crypto transactions, effective April 1.
Crypto Tax in India
3
Traders will not be able to set off losses from other crypto transactions.
Crypto Tax in India
4
Crypto gifts within a family would be exempt, but gifts above Rs. 50,000 ($660)
Crypto Tax in India
5
Crypto gifts outside the family would be taxable once in the hands of recipients.
Crypto Tax in India
6
The seller would be able to set off 1% TDS from their total tax liability of 30%.
Crypto Tax in India
7
The TDS mechanism is used to trace transactions and prevent tax evasion, according to the government.
Crypto Tax in India
8
Several crypto lawyers told CoinDesk that they believe challenging the crypto tax law (both 30% tax on profits and 1% TDS) would be a "bad move".
CRYPTO TAX IN INDIA
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