Following parliament’s approval of a controversial tax proposal on Friday, Indians will pay a capital gains tax of 30% on crypto transactions starting in just one week.
In addition to the capital gains tax, Indians buying or selling crypto will be required to pay a 1% tax withheld from their earnings (TDS), as well as taxes on crypto gifts, with no deductions for losses. The crypto taxes will come into effect on April 1, while the TDS will start on July 1.
India’s Stiff Crypto Tax Legislation Becomes Law – coindesk.com
In addition to the capital gains tax, Indians transacting with crypto will also have to pay a 1% tax deducted at source (TDS), and taxes on crypto gifts, with no ability to take deductions for losses. India’s crypto taxation law will now take effect on April 1. The crypto industry had fought…
Link: India’s Stiff Crypto Tax Legislation Becomes Law
via www.coindesk.com
