UTC Updated Dec 7, at p.
The Supreme Court overturned the ban in early March, bringing monitoring earnings on bitcoins to both investors and local cryptocurrency exchanges. Subscribe to Blockchain Bitesour daily update with the latest stories. In contrast, authorities may treat one-off or infrequent transactions as capital gains, long-term or short-term, depending on the holding period, and levy a concessional rate of capital gains.
The tax authority has not yet categorized returns from cryptocurrencies under any specific bracket. The clarity on the tax and regulation front may bring more investor participation.
While the Indian government does not consider bitcoin legal tender, holding cryptocurrencies is not necessarily illegal or banned. Back in September, the government was reportedly mulling a new law prohibiting cryptocurrency trading.
However, according to a think tankthe government would be better off legitimizing bitcoin by regulating it like corporate stock. Read more about Tax India Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
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