Are GAINS / PROFITS from Bitcoins taxable in India?

Are GAINS / PROFITS from Bitcoins taxable in India ?

Does LTCG and STCG Income Tax rules applicable for bitcoins ?

I have no idea! But this is what I see in the newspaper. It may be 20 or 30% depending on the holding period.

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If RBI is consodering BITCOIN trading is “illegal” where is the question of , tax, definitely people who deal in Bitcoin are in trouble , RBI 1 st slap fine , then there is a question of tax , instead there is a chances of criminal case against , the people who deal Bitcoin in India

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Come on buddy. when the world starts to trade “Futures of Bitcoin” in their regulated market’s. why would india take back step declare illegal(To be clear RBI never said/considering illegal). People are in crazy mood on bitcoin now so RBI has cautioned(Beaware of the risks) the users.

Kindly read below article

I feel they would regulate the curptocurrency market.

Funny part is how do you think they are gonna find the user(Address can’t tracked back to user). Even if you say indian exchanges. Lot of people buying and selling in overseas market, private by bitcoin wallets

Are GAINS / PROFITS from Bitcoins taxable in India? Yes , Once RBI has regulated it will be taxed as per their guidelines.

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RBI can track money transaction easily , with the help of technology , Don’t underestimate RBI, as a part of Govt, its their responsibility to caution/ warn. You are seeing only media hype or only creamy part of Bitcoin…
If somebody wants to buy or transact , they have to buy it , on , in any of the online bitcoin exchanges, & they will not give you free of cost ,real money has to be transfered from the Bank account & RBI can track it, the link provided by @mac76 example , money has been transfered to bank account after selling it , if RBI ask for source of money , what will be the answer from that IT Enggineer? . Its possible to buy Bitcoin by NRI or for non Indians only without being tracked by RBI . why RBI is warning is that , if any resident Indian buys it , it will be considered as "Money laundering "
I am not against anybody’s wish to deal with Bitcoin , its up to them , and also for many traders like me , its a chance to take other side of the trade on stock markets, if Bitcoin frenzy goes out of control in America.


Buddy ans the below questions

why RBI is warning is that , if any resident Indian buys it , it will be considered as "Money laundering " - I don’t be believe this statement is correct.

If then why do we have bitcoin exchanges operating freely in india ?

Its a simple logic, RBI or Government never declared/ notified it as “Legal” its up to the people who deal with it, let the government to take decision , than only question arises about taxing Bitcoin transaction. and also Logically , Only RBI / Government / Supreme court can answer , why bitcoin exchanges operating freely in India . . this link may help you

Bitcoin is not ‘illegal’ in India. The only thing is that RBI do not take any responsibility as they do for currency.

If the money used to buy bitcoin is white money, then govt can’t term it as money laundering.

Govt is not taken any decision on Bitcoin , till than , Bitcoin is not legal, In India its anybody’s guess how law enforcement being done :slightly_smiling_face: Problem comes only when Tax officials catch these transaction , while assessing income tax
here is one more link about that
I am not against any body’s wish for dealing with Bitcoin . if they do it legally , i am happy / i wish them to earn thousands of dollars :slightly_smiling_face::grinning:

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30% if you hold less than 36 months. (if I’m not wrong.)

@q45 Let’s wait see what RBI decides.

Todays tax department action on Bitcoin

IF they will know how to deal with it and learn how to make taxation on it they will not make it “illegall” or something like that but rather will take some part of that matter anyway no matter how you really put it. Thanks for that matter. We need to wait.

No matter profit or loss…
Now… jailable in India.