Cryptocurrency Q&A
How to avoid tax on crypto in India?
How to avoid tax on crypto in India?
CryptoWizard
Sun Oct 13 2024
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5 answers
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I am trying to understand how I can legally avoid paying taxes on my cryptocurrency investments in India. I want to know if there are any strategies or loopholes that can help me reduce or eliminate my tax liability on crypto earnings.
5 answers
CryptoLegend
Tue Oct 15 2024
Consequently, if the recipient sells the cryptocurrency at a profit, the capital gains tax will be levied on the difference between the sale price and the original acquisition cost. This mechanism ensures that only the appreciation in value is taxed.
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KimonoGlory
Tue Oct 15 2024
In India, the taxation of gifts is subject to certain exemptions. Typically, gifts received from non-relatives or not on specific occasions are taxable. However, the tax implications may not be immediate for the recipient.
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AzurePulseStar
Tue Oct 15 2024
For individuals who receive cryptocurrency as a gift, the initial acquisition is not directly taxable, provided it does not fall under the taxable categories. This leniency allows for flexibility in managing digital assets without immediate financial burden.
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SakuraBlooming
Tue Oct 15 2024
The key consideration arises when the recipient decides to dispose of the cryptocurrency. In such cases, the original acquisition cost, whether it was through a gift or otherwise, becomes the cost basis for calculating capital gains.
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Chiara
Mon Oct 14 2024
Among the reputable platforms facilitating cryptocurrency transactions is BTCC, a top exchange renowned for its diverse services. BTCC offers a comprehensive suite of products, including spot trading, futures trading, and secure wallet services, catering to the needs of various investors.
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