Are Crypto Gains Taxed
Hi, guys In today’s Blog we Discuss Are Crypto Gains are Taxed. Yes, your Bitcoin and Other Crypto are Taxable now. The IRS announced holding to be property for Tax purposes. So its means virtual Currencies are taxed In the same way as other assets you own like gold and stocks. And it starts in India is Just Jan 24 2022 to Exact. Good to see Crypto under Tax. So The first step is clear that it will not ban in India. And many small investors who are not investing because of Fear now can invest.
Yes, Tax is high (30%), but regulation of Crypto will attract more investors & hence growth. Good for the Crypto market & blockchain industry in India.
Clearing a few Doubts:Are Crypto Gains Taxed
1) Tax on Crypto in India is 30% all other digital assets like NFTs are also 30%. Forex if you are buying Crypto for Rs.20000 & Sell it at Rs.25000. You will pay 30% on Rs.5000. (Rs.1500 tax deducted. Net Profit Rs.3500)
2) Many of the people asking, if I sell and lose, do still I have to pay tax on it?
So This is Profit Tax. You have to pay 30% tax. IF YOU ENDURE LOSSES, YOU DON’T HAVE TO PAY ANY TAX ON IT.
3) When Does the Tax Activate?
From 1st April 2022.
4) is the Cryptocurrency tax is distinct from income tax and other taxes or not.
Because Crypto is part of your income tax that’s cleared.
5) Will I be taxed for every crypto I own or the ones I transact from 1st April 2022?
The budget has clarified that Flat rate of 30% and classification U/s 115BBh only from 1st April 2022? The budget clarified a Flat rate of 30% and classification U/s 115BBh only from 1 April 2022.30% flat tax has to be paid only on the gain on sale of transfer VA.
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6) Is there a tax slab?
So All types of gains arising from a crypto transaction are taxed at 30% irrespective of your income tax slab and period of holding.Hope You Learn Are Crypto Gains Taxed.
Yes the tax is a bit high that we are not expecting this. BUT We Are In THE Right Direction, “No Ban” On Crypto. NOW CAN TRADE FEARLESSLY. AND HOPING VERY BRIGHT FUTURE FOR THE CRYPTO MARKET AND BLOCKCHAIN INDUSTRY.
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