The Indian government’s crypto tax legislation received the assent of the President of India.
The crypto tax law enforces a 30% tax on profits from crypto transactions, effective April 1.
Traders will not be able to set off losses from other crypto transactions.
Crypto gifts within a family would be exempt, but gifts above Rs. 50,000 ($660)
Crypto gifts outside the family would be taxable once in the hands of recipients.
The seller would be able to set off 1% TDS from their total tax liability of 30%.
The TDS mechanism is used to trace transactions and prevent tax evasion, according to the government.
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