India’s Cryptocurrency Tax

Taxation on Earnings from Crypto Assets in India India’s Cryptocurrency Tax In 2022, the Union budget imposed a 30% tax on all virtual assets, including cryptocurrencies. According to the established standards, any income derived from capital gains on the transfer of digital assets would be subject to taxation and would be owed by the recipient, even those who receive such assets as gifts. Other notable aspects include no cost deductions other than purchase costs. Then, any expenses such as transaction costs or mining costs will not be tax deductible. There is also no mechanism for losses in one digital currency…

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