[ANN] New Bitcoin Exchange in India- No Transaction Fee - page 3.

adv.kanishk

member

Activity: 117

Merit: 10

See as per current tax regime it shall not be taxable. As per my understanding, when you convert the mined bitcoins into INR and show it in your returns it would become taxable. Aso if you bought bitcoin in INR and you sold it after holding it over some period and made some profit then the difference in the buy and sell price would be taxable like in the case of properties. However, the valuation adoption and other things are still not confirmed. We may look into the issue deeply and provide you an opinion on the same, if you intend to.

You may contact me on my details mentioned herein below.

Kanishk Agarwal
Advocate
CriTaxCorp
Criminal-Taxation-Corporate
www.critaxcorp.com
+91-9999966252

Quote from: BitCoinDream on June 27, 2014, 09:48:44 AM

Quote from: adv.kanishk on June 26, 2014, 02:22:48 PM

Quote from: BitCoinDream on June 25, 2014, 11:31:55 AM

Quote from: adv.kanishk on June 25, 2014, 02:42:02 AM

This is to inform all the bitcoin enthusiast that a new bitcoin exchange have become operational in India. The url of the exchange is

https://millibits.in

There are no transaction fee, as of now, and even thereafter it will be a fraction of what other exchanges in India are charging. Hope you look forward to it and find this news useful!!!

Welcome to BitcoinTalk. Nice to see an advocate is being involved into Bitcoin.

Would like to know, by law, is bitcoin mining taxable in India, as long as the mined coins are not being converted to FIAT, i.e. INR ?

As per my understanding mining of bitcoins will not be taxable as per current tax regime. However, the department may treat it as a wealth source and charge wealth tax on the same. Secondly, if you convert the same into INR it might be treated as income from other sources and you may have to pay tax on it but it will also show your bonafide in declaring it with tax authorities and also use the legitimate earned money into other things.

This is where I'm confused. Taxing while converting to FIAT is fine, but on what tax structure or guideline Bitcoin can be taxed as a wealth as long as it is not converted to FIAT ?

Suppose, someone is earning 0.1 BTC per month whose FIAT value typically varies between INR 3000 to INR 6000 as per recent market scenario. Now what wealth tax can be applied to this person when he accumulates 1.2 BTC at the end of the financial year and does not convert any part of it to FIAT ?

Fernandez

legendary

Activity: 1008

Merit: 1000

Good to see this, might use this if volumes pick up.

Good luck!

G K G

sr. member

Activity: 280

Merit: 250

This is too cool. But you definitely need to work on the website theme

devesh.g

newbie

Activity: 71

Merit: 0

Quote from: BitCoinDream on June 27, 2014, 09:48:44 AM

Quote from: adv.kanishk on June 26, 2014, 02:22:48 PM

Quote from: BitCoinDream on June 25, 2014, 11:31:55 AM

Quote from: adv.kanishk on June 25, 2014, 02:42:02 AM

This is to inform all the bitcoin enthusiast that a new bitcoin exchange have become operational in India. The url of the exchange is

https://millibits.in

There are no transaction fee, as of now, and even thereafter it will be a fraction of what other exchanges in India are charging. Hope you look forward to it and find this news useful!!!

Welcome to BitcoinTalk. Nice to see an advocate is being involved into Bitcoin.

Would like to know, by law, is bitcoin mining taxable in India, as long as the mined coins are not being converted to FIAT, i.e. INR ?

As per my understanding mining of bitcoins will not be taxable as per current tax regime. However, the department may treat it as a wealth source and charge wealth tax on the same. Secondly, if you convert the same into INR it might be treated as income from other sources and you may have to pay tax on it but it will also show your bonafide in declaring it with tax authorities and also use the legitimate earned money into other things.

This is where I'm confused. Taxing while converting to FIAT is fine, but on what tax structure or guideline Bitcoin can be taxed as a wealth as long as it is not converted to FIAT ?

Suppose, someone is earning 0.1 BTC per month whose FIAT value typically varies between INR 3000 to INR 6000 as per recent market scenario. Now what wealth tax can be applied to this person when he accumulates 1.2 BTC at the end of the financial year and does not convert any part of it to FIAT ?

Hi

I don't mean to intrude, however, wealth tax shall not be applicable on the same. As long as it is held in BTC, no form of taxation under any law shall be applicable.

BitCoinDream

legendary

Activity: 2394

Merit: 1216

The revolution will be digital

Quote from: adv.kanishk on June 26, 2014, 02:22:48 PM

Quote from: BitCoinDream on June 25, 2014, 11:31:55 AM

Quote from: adv.kanishk on June 25, 2014, 02:42:02 AM

This is to inform all the bitcoin enthusiast that a new bitcoin exchange have become operational in India. The url of the exchange is

https://millibits.in

There are no transaction fee, as of now, and even thereafter it will be a fraction of what other exchanges in India are charging. Hope you look forward to it and find this news useful!!!

Welcome to BitcoinTalk. Nice to see an advocate is being involved into Bitcoin.

Would like to know, by law, is bitcoin mining taxable in India, as long as the mined coins are not being converted to FIAT, i.e. INR ?

As per my understanding mining of bitcoins will not be taxable as per current tax regime. However, the department may treat it as a wealth source and charge wealth tax on the same. Secondly, if you convert the same into INR it might be treated as income from other sources and you may have to pay tax on it but it will also show your bonafide in declaring it with tax authorities and also use the legitimate earned money into other things.

This is where I'm confused. Taxing while converting to FIAT is fine, but on what tax structure or guideline Bitcoin can be taxed as a wealth as long as it is not converted to FIAT ?

Suppose, someone is earning 0.1 BTC per month whose FIAT value typically varies between INR 3000 to INR 6000 as per recent market scenario. Now what wealth tax can be applied to this person when he accumulates 1.2 BTC at the end of the financial year and does not convert any part of it to FIAT ?

h0lybyte

hero member

Activity: 924

Merit: 511

I would suggest a small bootstrap theme, specifically a CDN-hosted bootstraps. As of right now, the site looks extremely shady.

adv.kanishk

member

Activity: 117

Merit: 10

Quote from: BitCoinDream on June 25, 2014, 11:31:55 AM

Quote from: adv.kanishk on June 25, 2014, 02:42:02 AM

This is to inform all the bitcoin enthusiast that a new bitcoin exchange have become operational in India. The url of the exchange is

https://millibits.in

There are no transaction fee, as of now, and even thereafter it will be a fraction of what other exchanges in India are charging. Hope you look forward to it and find this news useful!!!

Welcome to BitcoinTalk. Nice to see an advocate is being involved into Bitcoin.

Would like to know, by law, is bitcoin mining taxable in India, as long as the mined coins are not being converted to FIAT, i.e. INR ?

As per my understanding mining of bitcoins will not be taxable as per current tax regime. However, the department may treat it as a wealth source and charge wealth tax on the same. Secondly, if you convert the same into INR it might be treated as income from other sources and you may have to pay tax on it but it will also show your bonafide in declaring it with tax authorities and also use the legitimate earned money into other things.

Equate

hero member

Activity: 770

Merit: 500

Good luck with the exchange kanishk.

ravin

full member

Activity: 132

Merit: 100

Interesting to see that you have trade APIs. Good luck.

BitCoinDream

legendary

Activity: 2394

Merit: 1216

The revolution will be digital

Quote from: adv.kanishk on June 25, 2014, 02:42:02 AM

This is to inform all the bitcoin enthusiast that a new bitcoin exchange have become operational in India. The url of the exchange is

https://millibits.in

There are no transaction fee, as of now, and even thereafter it will be a fraction of what other exchanges in India are charging. Hope you look forward to it and find this news useful!!!

Welcome to BitcoinTalk. Nice to see an advocate is being involved into Bitcoin.

Would like to know, by law, is bitcoin mining taxable in India, as long as the mined coins are not being converted to FIAT, i.e. INR ?

subvolatil

hero member

Activity: 546

Merit: 501

Cypherpunk and full-time CryptoAnarchist

Looks good

Edit-
Kanishk is also part of the law firm
www.critaxcorp.com

ramkumar

hero member

Activity: 603

Merit: 500

Goodluck Kanishk

adv.kanishk

member

Activity: 117

Merit: 10

This is to inform all the bitcoin enthusiast that a new bitcoin exchange have become operational in India. The url of the exchange is

https://millibits.in

There are no transaction fee, as of now, and even thereafter it will be a fraction of what other exchanges in India are charging. Hope you look forward to it and find this news useful!!!

Topic: [ANN] New Bitcoin Exchange in India- No Transaction Fee - page 3. (Read 7193 times)