How should cryptocurrency be
taxed in India? Here are some
How should cryptocurrency be taxed in India? Here are some thoughts on Business Standard.
Cryptocurrencies have generated a lot of interest for investors of all ages due to recent increase in value. It
is estimated that roughly a crore Indians have invested in cryptocurrencies
Market News Are gains from cryptocurrencies taxable?- Tax
authorities around the world have been working to carve out rules of
taxation for cryptocurrencies.
Even though cryptocurrencies are not mentioned in the Indian income
tax act and there are no rules defined yet, you must report them in your
income tax return and pay tax on them.
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An asset or a currency?- When we talk about taxation a bunch of
questions arise. Should cryptocurrencies be considered currency or a
digital asset? If considered to be an asset, what should be the holding
period of these assets for them to be classified between long term or
short term capital assets?
Since cryptocurrencies are not yet widely accepted the way other
currencies are, they are now being regarded as ‘digital assets’ in several
countries. Note that currently, India does not have a rule around how
these cryptocurrencies should be taxed...Read more.
News Source : BS / Business Standard