Cryptocurrency Q&A
Can NRI buy crypto in India?
Can NRI buy crypto in India?
TaegeukChampionCourage
Wed Jul 31 2024
|
6 answers
848
Excuse me, I've been hearing a lot about cryptocurrency recently and I was wondering if you could clarify something for me. I'm a Non-Resident Indian (NRI) and I'm interested in investing in crypto. My question is, can NRIs actually buy cryptocurrency in India? Are there any specific regulations or restrictions that I should be aware of before making such an investment? It would be great if you could provide me with some insights into this matter. Thank you in advance for your help.
6 answers
Elena
Fri Aug 02 2024
Cryptocurrency investments have gained immense popularity among Non-Resident Indians (NRIs) in India, mirroring the interest shown by resident Indians. However, these investments come with tax obligations that NRIs must be aware of.
Was this helpful?
171
31
Silvia
Thu Aug 01 2024
Like their resident counterparts, NRIs in India are subject to Crypto Taxation on their cryptocurrency holdings. This means that any profits earned from the sale of cryptocurrencies are taxable as capital gains.
Was this helpful?
130
72
DigitalEagle
Thu Aug 01 2024
To comply with the regulations and avoid penalties, NRIs should stay updated on the latest tax laws and guidelines related to cryptocurrency investments in India. They should also seek professional advice from tax experts if needed.
Was this helpful?
100
65
Lucia
Thu Aug 01 2024
It is crucial for NRIs to keep track of their cryptocurrency transactions and calculate the taxable profits accurately. Failure to do so can result in legal complications and financial penalties.
Was this helpful?
169
59
Pietro
Thu Aug 01 2024
NRIs are also required to disclose their cryptocurrency holdings to the tax authorities in India. This includes providing details of their transactions, such as the date, amount, and the exchange used.
Was this helpful?
45
24
Load 5 more related questions
