What are the tax implications of investing Indian money in cryptocurrencies?

1 answers

• May 12, 2022 · 3 years ago
  At BYDFi, we understand the importance of tax implications when investing Indian money in cryptocurrencies. While cryptocurrencies are not yet regulated by the Indian government, it's essential to be aware of the tax obligations. The Income Tax Department treats cryptocurrencies as assets, and any gains from their sale or exchange are subject to taxation. Short-term gains, which are gains from holding cryptocurrencies for less than 36 months, are taxed at your applicable income tax rate. Long-term gains, which are gains from holding cryptocurrencies for more than 36 months, are taxed at a lower rate. It's crucial to consult with a tax professional to ensure compliance with the tax laws and accurately report your cryptocurrency investments.
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