Bitcoin is Legal in India, What about your country? Check here. - page 2.

mkmdoc

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Quote from: DomainMagnate on February 24, 2017, 06:02:21 AM

If I sell 10 btc at today's rate in India and get paid in my bank account, my annual income will become taxable which currently is not because I am a student.
Should I pay the tax and what should bitcoin sell be showed as in tax documents?

Anything which you sell more than your country rules than you need to pay taxes on exchanging them into your local bank account. Quitely 10btc is really big amount when exchanging them into your fiat currency, so if you pay taxes to the government on the amount you exchanged. Governments will not send any notices to you.

Amph

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Quote from: btcdevil on February 27, 2017, 01:10:33 AM

Quote from: Slark on February 27, 2017, 01:03:06 AM

Quote from: DomainMagnate on February 24, 2017, 06:02:21 AM

If I sell 10 btc at today's rate in India and get paid in my bank account, my annual income will become taxable which currently is not because I am a student.
Should I pay the tax and what should bitcoin sell be showed as in tax documents?

If you don't need that much money fast then the ideal solution for you would be selling BTC in small fragments.
For example: sell 0.5-1 BTC per month. Avoid selling whole 10 BTC at once, big transactions are monitored and will be taxed/investigated.
You can also use bank account of friends and family to mitigate taxing procedures. But it is bending the law, so be careful.

Even if he sells 0.5-1 BTC per month, the year transaction will be taxable and it is not wrong you can show in tax as short term profit and show the profit and pay the tax according to it, until you dont use bitcoin for illegal you should not be in problem.

it's always about if you want to pay the tax and be trouble free or you want to no pay them, because there are way with bitcoin to not pay tax easily, you can do cash face to face or use bitcoin to purchase stuff

people tend to forget that the fiscal agent do not move if the sum they need to seek for apply the possible tax evasion is too low, it costs them money to go after your tax evasion

btcdevil

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Quote from: Slark on February 27, 2017, 01:03:06 AM

Quote from: DomainMagnate on February 24, 2017, 06:02:21 AM

If I sell 10 btc at today's rate in India and get paid in my bank account, my annual income will become taxable which currently is not because I am a student.
Should I pay the tax and what should bitcoin sell be showed as in tax documents?

If you don't need that much money fast then the ideal solution for you would be selling BTC in small fragments.
For example: sell 0.5-1 BTC per month. Avoid selling whole 10 BTC at once, big transactions are monitored and will be taxed/investigated.
You can also use bank account of friends and family to mitigate taxing procedures. But it is bending the law, so be careful.

Even if he sells 0.5-1 BTC per month, the year transaction will be taxable and it is not wrong you can show in tax as short term profit and show the profit and pay the tax according to it, until you dont use bitcoin for illegal you should not be in problem.

Slark

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Quote from: DomainMagnate on February 24, 2017, 06:02:21 AM

If I sell 10 btc at today's rate in India and get paid in my bank account, my annual income will become taxable which currently is not because I am a student.
Should I pay the tax and what should bitcoin sell be showed as in tax documents?

If you don't need that much money fast then the ideal solution for you would be selling BTC in small fragments.
For example: sell 0.5-1 BTC per month. Avoid selling whole 10 BTC at once, big transactions are monitored and will be taxed/investigated.
You can also use bank account of friends and family to mitigate taxing procedures. But it is bending the law, so be careful.

DomainMagnate

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If I sell 10 btc at today's rate in India and get paid in my bank account, my annual income will become taxable which currently is not because I am a student.
Should I pay the tax and what should bitcoin sell be showed as in tax documents?

btcdiggingmaster

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Quote from: bryant.coleman on February 22, 2017, 04:38:09 AM

Quote from: dondexter on February 18, 2017, 08:14:58 PM

Interesting. Didn't know it could be illegal in some countries.

It is illegal in countries such as Thailand and Iceland. However even more worrying is the uncertainty which exists in some of the other nations such as India and China. The Bitcoin users in these nations don't know whether they are doing anything illegal or not. The tax authorities have no knowledge of Bitcoin and they are unable to help.

Not only Thailand and Iceland many countries are afraid of using bitcoin because bitcoin is global currency where many transaction are being done daily. May be once government accepts bitcoin they feel that it will effect their economic growth.

bryant.coleman

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Quote from: dondexter on February 18, 2017, 08:14:58 PM

Interesting. Didn't know it could be illegal in some countries.

It is illegal in countries such as Thailand and Iceland. However even more worrying is the uncertainty which exists in some of the other nations such as India and China. The Bitcoin users in these nations don't know whether they are doing anything illegal or not. The tax authorities have no knowledge of Bitcoin and they are unable to help.

dondexter

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Interesting. Didn't know it could be illegal in some countries.

tuvok007

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I just checked and it is legal in my country, lol like I didnt knew that already. Nice report but it is 22 months old,a lot of new laws and regulations since than...

legendbtc

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I see many article about bitcoin usage in India that their government are not still supporting bitcoin. Even the government of India has not given any permission for virtual currencies including bitcoin. It means they are not directly telling that we have banned bitcoin, but still people are using it with out any problem.

zeze18

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in my country there are many users bitcoin, but so far the government has not set a legal and tax laws in my country.

olushakes

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In my own counter here the legality of bitcoin is something that the discussion is not even ripe to the level that decisions can be taken to whether it will be legalised or not because currently the only news we heard from the relevant government agency is that which is likening bitcoin to a ponzi scheme in which promises riches quick and loses is more imminent due to the volatility of its price.

OrangeII

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I think my country is not listed in it. perhaps because in my country, bitcoin is not something that is illegal, but also not something that legalized. perhaps it is not yet decided whether bitcoin would be legal or not, because bitcoin might still not popular in this country.

legendbtc

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Quote from: Aqualung89 on January 13, 2017, 03:59:54 AM

Bitcoin is not officially legal in any country. If it is legitimate, it will probably be some sanctions in the direction of law, maybe it will have to pay taxes. The main thing is to introduce bitcoin in the country.

I hope completely it is not legal in India may be some people are starting using in India, i hear from many of my online friends that there are exchanges in India that directly deposit fiat currency into their bank account, when they place sell order in their exchange.

Amph

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Quote from: Aqualung89 on January 13, 2017, 03:59:54 AM

Bitcoin is not officially legal in any country. If it is legitimate, it will probably be some sanctions in the direction of law, maybe it will have to pay taxes. The main thing is to introduce bitcoin in the country.

if it is not illegal it's legal that is the concept, bitcoin is actually legal in many country and in europe is for sure legal because they approved it by exempting from vat, this alone make it legal

in those country it's not about legalize or not it's about regulation, and how each of them see bitcoin, for the USA is a property if i'm not mistaken for other can be seen as commodities

crossabdd

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i want to ask about legality of bitcoin in india.
bitcoin can be trade in real life? and can you use bitcoin as currency or bitcoin its just a gold.
because in some country bitcoin be regarded as "game currency" not real money, and other country be prohibited to use it.

Aqualung89

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Bitcoin is not officially legal in any country. If it is legitimate, it will probably be some sanctions in the direction of law, maybe it will have to pay taxes. The main thing is to introduce bitcoin in the country.

jseverson

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I don't know if using bitcoins in our country is legal or illegal because we can cash in or cash out using different banks but our government says bitcoins are illegal but they are approving the different banks to operate to fund our wallets.

Mbah Slamet

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In my country is still unclear, bitcoin is still the same as the commodities so that the Government does not set up specifically. In my opinion it is reasonable, because if legalised certainly had an impact which is good and bad. everyone will make money so to divert bitcoin avoid taxes.

sportis

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My country belongs to the European Union and for this reason has adopted corresponding European Directive under which the legal framework is very unclear. The prevailing view is that bitcoin is not money in the narrow sense but a way of transaction and an agreement between two parties. In this light of view cannot considered as money.

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