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The Silicon Review Asia

Returns from cryptocurrencies will now be considered as capital gain and taxed in India

Returns from cryptocurrencies will now be considered as capital gain and taxed in India

Globally, cryptocurrencies have received a lot of attention due to sudden surges in prices, actions instigated by governments, and opinions from certain rich individuals. The cryptocurrencies segment has lured in Indians due to its massive returns, and people have invested in popular cryptocurrencies like dogecoin, bitcoin, and ethereum. Right now, investors in India who work with cryptocurrencies must be ready to file a tax return. The income tax department is expecting the cryptocurrency holders to appropriately disclose their income from cryptocurrencies sale.

The older Income Tax Act in India does not specify anything about investment and tax treatment for returns earned through cryptocurrencies, but a recent amendment is expected to make income earned from cryptocurrency sales to be considered as income from capital gains. In India, cryptocurrencies will be considered as a financial asset under the regulatory. Capital gains are the difference between expenses incurred, sale consideration, and cost of acquisition. Cryptocurrencies’ purchase time and cost become fungible because they can be held in an electronic wallet and traded at various points. People whose income exceeds rupees 50 lakh must now report their liabilities and assets. As of now, cryptocurrencies are also considered as assets, so taxpayers must include them now in their schedule.

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