Custom/Excise duty on Crypto currency

Thirdspace

hero member

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I thought custom duty only applies to real things that you physically imported
the regulation of declaring $10,000 is for anyone carrying physically dollar bill or traveller cheques into the US
having offshore account has nothing to do with custom but should be included (declare) in your tax report
the question is whether the money in that offshore account is legit and already taxed?
since bitcoin is digital money or treated as virtual commodity in some countries
I don't think there should be any declaration as in custom duty

Quote

Let's say, the Crypto was bought in USA, and the person bought it, is going to move to India permanently.

I have little knowledge on procedures and laws on this, but do you mean permanently here as in changing citizenship?
if you simply move for work without that intention (will return to US someday), then you are still under US citizen law
though the income tax matter, you need to read more on US/India tax treaty agreements
as in real income from your job and realized capital gain from bitcoin trading

Zero_Cloo

newbie

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If you really, really want to do this right it's important to hire a lawyer. It's complicated.

If you don't want to do it right, just don't tell anybody, and you'll be fine.

If you want to do it halfassed, I can tell you that flying to or from the US you're required to declare any currency holdings over USD10000. I don't know what India's regulations are. If you're a US citizen you'll also have to declare any foreign currency accounts holding more than USD10000 on your annual tax return. See https://www.cbp.gov/sites/default/files/documents/currency_reporting.pdf

jksmds

member

Activity: 74

Merit: 10

I am new to crypto currency.

Does any one know, if I am buying bitcoin or any other altcoin in one country and I have to relocate to another country due to job relocation.
How the excise duties will work? Do I need to declare it during travel, if Yes how?

I understand that, no body would know at custom, that I have crypto currency on my wallet, but that's not my question.

I want to know, what is the most ethical and legal way of handling it.
What do I do, if someone want to legitimately declare that he is bringing cryptocurrency from one country to another country.

To give it a context. Let's say, the Crypto was bought in USA, and the person bought it, is going to move to India permanently.
Is there be any excise duty applicable on it? If yes, where we can get more details?

Topic: Custom/Excise duty on Crypto currency (Read 125 times)