how to convert crypto to inr without paying taxes?

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Quote from: Krishna1942 on November 20, 2024, 01:17:28 AM

One option is directly dealing with persons in currency exchange section but it is risky check their reputation before dealing.
Second You can try binance p2p trading section it is safe and secure. I have exchanged many times but ofcourse small amounts

Binance P2P is generally safe but only if the merchant avoids adding crypto-related remarks to payments. For complete anonymity, dealing face-to-face with a trusted dealer is a better option. If your transactions come under scrutiny, you may need to report them to the IT department. Having 10L in crypto definitely raises red flags.

If OP is not in the taxable slab than this might complicate things further. Taxation slab starts after 2.5L annual income but OP already has 10L in cryptos so he will definitely be questioned if the transaction goes under scrutiny.
I'll suggest OP to stay cautious and ensure compliance to avoid issues.

pakhitheboss

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Quote from: Krishna1942 on November 20, 2024, 01:17:28 AM

One option is directly dealing with persons in currency exchange section but it is risky check their reputation before dealing.
Second You can try binance p2p trading section it is safe and secure. I have exchanged many times but ofcourse small amounts

I haven't made any transaction using Binance P2P and I have read many times on different platforms that have not reported Binance P2P to be safe. I have read that many users using the P2P service have gotten their bank accounts frozen. I am aware that those who were hit hard were the ones who were falling into the trap of scam merchants and sometimes these scammers were the ones who were reporting the bank account to the police of fraud to get their money back. I am hearing for the first time that someone like you has not faced any issues with Binance P2P. I am sure you might be taking all precautions to avoid falling for those crazy offers by scam merchants on that platform.

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One option is directly dealing with persons in currency exchange section but it is risky check their reputation before dealing.
Second You can try binance p2p trading section it is safe and secure. I have exchanged many times but ofcourse small amounts

vino.gcs

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Quote from: pawanjain on October 09, 2024, 11:29:26 AM

Quote from: pakhitheboss on October 08, 2024, 05:39:43 AM

Quote from: pawanjain on October 06, 2024, 09:45:56 AM

P2P trading comes with it's own risk and it's not only applicable to India but all the places.
We have already heard cases about bank accounts getting frozen due to P2P trades.
This is one of the reasons why you should avoid trading with strangers especially if your bank account has a huge amount of money.

In this case, you should avoid using father's bank account since it has FDs in it.
You can try P2P trading with your bank account but try to find a reputed P2P trader who has a good amount of trades executed and a good completion rate.

Also, try using the same P2P trader so that you don't attract unwanted attention from the bank.
You won't get any notice from IT department if your transaction is below 5 lakhs.

I still think it is a bad idea if he is avoiding taxes and it might be good for him to pay any tax that he incurs while converting crypto to fiat. What you have mentioned is all good and the right thing to do but we never know how and when the Income tax department finds out about not paying any tax. I have read many users got letters for transactions that were made after 2022 for which they did not file returns.

Yes ofcourse, paying taxes is morally the right thing to do and we should all pay our taxes diligently.
But in such cases where we have accumulated our coins over a period of year it can be tricky to calculate the taxes.
We would not want to pay higher taxes and end up losing half of profits to the government.
The best thing to do here would be to hire a professional CA and get the correct taxes calculated and then pay it.

paying taxes is always the right thing to do but when the state makes you pay more than you have to, it isn't right and that's why we magically forget to pay taxes or try to pay them elsewhere..

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Quote from: pakhitheboss on October 08, 2024, 05:39:43 AM

Quote from: pawanjain on October 06, 2024, 09:45:56 AM

P2P trading comes with it's own risk and it's not only applicable to India but all the places.
We have already heard cases about bank accounts getting frozen due to P2P trades.
This is one of the reasons why you should avoid trading with strangers especially if your bank account has a huge amount of money.

In this case, you should avoid using father's bank account since it has FDs in it.
You can try P2P trading with your bank account but try to find a reputed P2P trader who has a good amount of trades executed and a good completion rate.

Also, try using the same P2P trader so that you don't attract unwanted attention from the bank.
You won't get any notice from IT department if your transaction is below 5 lakhs.

I still think it is a bad idea if he is avoiding taxes and it might be good for him to pay any tax that he incurs while converting crypto to fiat. What you have mentioned is all good and the right thing to do but we never know how and when the Income tax department finds out about not paying any tax. I have read many users got letters for transactions that were made after 2022 for which they did not file returns.

Yes ofcourse, paying taxes is morally the right thing to do and we should all pay our taxes diligently.
But in such cases where we have accumulated our coins over a period of year it can be tricky to calculate the taxes.
We would not want to pay higher taxes and end up losing half of profits to the government.
The best thing to do here would be to hire a professional CA and get the correct taxes calculated and then pay it.

pakhitheboss

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Quote from: pawanjain on October 06, 2024, 09:45:56 AM

P2P trading comes with it's own risk and it's not only applicable to India but all the places.
We have already heard cases about bank accounts getting frozen due to P2P trades.
This is one of the reasons why you should avoid trading with strangers especially if your bank account has a huge amount of money.

In this case, you should avoid using father's bank account since it has FDs in it.
You can try P2P trading with your bank account but try to find a reputed P2P trader who has a good amount of trades executed and a good completion rate.

Also, try using the same P2P trader so that you don't attract unwanted attention from the bank.
You won't get any notice from IT department if your transaction is below 5 lakhs.

I still think it is a bad idea if he is avoiding taxes and it might be good for him to pay any tax that he incurs while converting crypto to fiat. What you have mentioned is all good and the right thing to do but we never know how and when the Income tax department finds out about not paying any tax. I have read many users got letters for transactions that were made after 2022 for which they did not file returns.

pawanjain

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Quote from: bitnote on October 05, 2024, 07:48:11 AM

Hello, thank you for your responses.

I have an idea, but I'm not entirely sure about it. Can I use Binance, Bitget, or any international exchange to exchange crypto to fiat through P2P? I’m considering starting with ₹50,000 in the first month, then around ₹20,000 to ₹30,000 each month thereafter. Would this be a safe approach to avoid detection by banks?
Additionally, my father has an account with over ₹3 lakh in fixed deposits and about ₹1 lakh in savings. Can I withdraw money to his account via P2P and then transfer it to mine, treating it as a gift that wouldn’t be taxable? The amounts would be relatively small, like ₹50,000 to ₹1 lakh.

Is OKX exchange operational in India? I recall receiving an email a few months ago stating they were not operating in the country.

How safe is P2P trading? Can I trust users based on their reputation on platforms like Binance, or should I verify additional details, such as their names and what verification they have done (but they can be expensive to trade with)?

P2P trading comes with it's own risk and it's not only applicable to India but all the places.
We have already heard cases about bank accounts getting frozen due to P2P trades.
This is one of the reasons why you should avoid trading with strangers especially if your bank account has a huge amount of money.

In this case, you should avoid using father's bank account since it has FDs in it.
You can try P2P trading with your bank account but try to find a reputed P2P trader who has a good amount of trades executed and a good completion rate.

Also, try using the same P2P trader so that you don't attract unwanted attention from the bank.
You won't get any notice from IT department if your transaction is below 5 lakhs.

bitnote

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Hello, thank you for your responses.

I have an idea, but I'm not entirely sure about it. Can I use Binance, Bitget, or any international exchange to exchange crypto to fiat through P2P? I’m considering starting with ₹50,000 in the first month, then around ₹20,000 to ₹30,000 each month thereafter. Would this be a safe approach to avoid detection by banks?
Additionally, my father has an account with over ₹3 lakh in fixed deposits and about ₹1 lakh in savings. Can I withdraw money to his account via P2P and then transfer it to mine, treating it as a gift that wouldn’t be taxable? The amounts would be relatively small, like ₹50,000 to ₹1 lakh.

Is OKX exchange operational in India? I recall receiving an email a few months ago stating they were not operating in the country.

How safe is P2P trading? Can I trust users based on their reputation on platforms like Binance, or should I verify additional details, such as their names and what verification they have done (but they can be expensive to trade with)?

pakhitheboss

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Quote from: bitnote on October 04, 2024, 12:48:33 PM

Hi everyone,
snip..

Please remember the following information:
To avoid paying taxes, consider using peer-to-peer (P2P) services on international exchanges. However, be aware that P2P services can be risky, so do your research before using them. Paying taxes on the amount you plan to cash out is still advisable. If the government questions the source of the funds in your bank account, not paying taxes could cause significant trouble. Avoid using international exchanges that are compliant with the Financial Intelligence Unit (FIU), such as Binance, Kucoin, and OKX.

Bitcoin Smith

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First of all Wazirx is busted, don't deposit any crypto there and if I am not they already disabled it but just to warn you don't do stupid things.

And I won't trust any Indian exchanges either, you can use P2P or Binance depends on which one is convenient for you.

Regarding the tax slab, you should pay income tax if you have more than 3 lakhs as per the new regime and upto 7lakhs there's five percent tax rate with some rebates so you can't convert 1lakh per month if you want to pay zero tax.

If you have family members like brother who is still going to college or grandparents getting any income then make use of their accounts along with you let's say you have 4 persons then you can sell 2.5 lakh INR worth crypto to reach person's account so you won't pay anything as taxes.

bitnote

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Hi everyone,
I have around 10L in USDT and i want to convert it into INR, and i never paid any taxes because i came below the tax slabs. And i don't have enough knowledge about finance and taxation. can you guys please help me how can i convert this crypto to INR without paying taxes?

Can i convert 1Lakh every month? can it be detected?
or what if i send the crypto to my Wazirx and convert 50 thousand every month?

please share ways to convert crypto to INR without paying taxes. the income is savings of 5 years i don't want it be halfed by paying taxes. thanks

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