Cryptocurrency Q&A
How to calculate tax on income from cryptocurrency in India?
How to calculate tax on income from cryptocurrency in India?
Rosalia
Thu Jul 18 2024
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7
answers
1783
Could you elaborate on the process of calculating taxes on income derived from cryptocurrency in India? I understand that the taxation framework for digital assets is evolving, but I'm curious about the current approach. Do investors need to declare their crypto gains as part of their annual income tax returns? Are there specific rates or brackets for crypto income? Are there any exemptions or deductions that can be claimed? Additionally, how are crypto-to-crypto transactions taxed? Any guidance on the documentation required and the filing process would be greatly appreciated.
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7 answers
benjamin_cole_nurse
Sat Jul 20 2024
Consider Example 1, wherein Mr. A acquires 1 Bitcoin on January 1, 2024, for INR 40 lakh.
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CryptoPioneer
Sat Jul 20 2024
In this case, the capital gains amount to INR 10 lakh.
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Stefano
Sat Jul 20 2024
Mr. A subsequently sells this Bitcoin on March 1, 2024, for a higher value of INR 50 lakh.
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CryptoAlchemy
Sat Jul 20 2024
To calculate the taxable income, one must determine the capital gains realized from this transaction.
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KpopStarletShineBrightness
Sat Jul 20 2024
In India, taxation of cryptocurrency income adheres to the regulations set for capital gains under the income tax framework.
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