If I Mine Bitcoin in India | Bitcointalksearch.org

ashour

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Quote from: Wapinter on August 27, 2015, 08:45:18 AM

If I mine bitcoin in India and later sell it for usd to a buyer located somewhere out of india,how will I have to disclose it in my tax documents?

Depends on how much $ worth of bitcoin you mine. If it is low for your countries status then you might not declare it in your tax documents. Maybe ask the Indian IRS for an accurate answer ?

Amph

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Quote from: gentlemand on August 28, 2015, 02:44:34 PM

Quote from: Amph on August 28, 2015, 09:45:57 AM

bitcoin it's not regulated there see india here https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

which mean that you are free to operate without tax, but it could not be the point anymore from this year(the wiki is not updated), if you can't ask locally it's better to declare your income to be safe

there must be also a maximum that if not surpassed it should put you in a tax free zone, but i don't know how in india things work

Cow shit isn't regulated either. If I sell several tons of it and make a profit I'll be expected to pay tax on it.

this only if they know about your selling

but anyway not everything is subject to tax(there are forms of collectionable item for example, that are not taxable), and every country has its rule

Wapinter

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Quote from: gentlemand on August 28, 2015, 03:01:23 PM

Quote from: Wapinter on August 28, 2015, 02:53:29 PM

You need export license to sell is out of your country. You can then get rebate in tax for earning foreign exchange. But the problem with btc is that you can't get export license for it not does it come under forex business

Maybe for the sake of a quiet life you could declare it as software sales? Ultimately it's nothing more than computer code that you've created by mining it.

Good idea.. Cheesy

gentlemand

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Quote from: Wapinter on August 28, 2015, 02:53:29 PM

You need export license to sell is out of your country. You can then get rebate in tax for earning foreign exchange. But the problem with btc is that you can't get export license for it not does it come under forex business

Maybe for the sake of a quiet life you could declare it as software sales? Ultimately it's nothing more than computer code that you've created by mining it.

Wapinter

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Quote from: gentlemand on August 28, 2015, 02:44:34 PM

Quote from: Amph on August 28, 2015, 09:45:57 AM

bitcoin it's not regulated there see india here https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

which mean that you are free to operate without tax, but it could not be the point anymore from this year(the wiki is not updated), if you can't ask locally it's better to declare your income to be safe

there must be also a maximum that if not surpassed it should put you in a tax free zone, but i don't know how in india things work

Cow shit isn't regulated either. If I sell several tons of it and make a profit I'll be expected to pay tax on it.

You need export license to sell is out of your country. You can then get rebate in tax for earning foreign exchange. But the problem with btc is that you can't get export license for it not does it come under forex business

gentlemand

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Quote from: Amph on August 28, 2015, 09:45:57 AM

bitcoin it's not regulated there see india here https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

which mean that you are free to operate without tax, but it could not be the point anymore from this year(the wiki is not updated), if you can't ask locally it's better to declare your income to be safe

there must be also a maximum that if not surpassed it should put you in a tax free zone, but i don't know how in india things work

Cow shit isn't regulated either. If I sell several tons of it and make a profit I'll be expected to pay tax on it.

Wapinter

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Quote from: Amph on August 28, 2015, 09:45:57 AM

bitcoin it's not regulated there see india here https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

which mean that you are free to operate without tax, but it could not be the point anymore from this year(the wiki is not updated), if you can't ask locally it's better to declare your income to be safe

there must be also a maximum that if not surpassed it should put you in a tax free zone, but i don't know how in india things work

Thanks for replying. But it doesn't matter whether I declare it or not,the tax collecting authorities will eventually know from my bank account that I have received such and such amount from abroad and that could put be in legal trouble. So to be on a safer side I myself want to declare it but am at loss to figure out under what category should I show it.

Amph

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bitcoin it's not regulated there see india here https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

which mean that you are free to operate without tax, but it could not be the point anymore from this year(the wiki is not updated), if you can't ask locally it's better to declare your income to be safe

there must be also a maximum that if not surpassed it should put you in a tax free zone, but i don't know how in india things work

Wapinter

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Merit: 1026

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If I mine bitcoin in India and later sell it for usd to a buyer located somewhere out of india,how will I have to disclose it in my tax documents?

Topic: If I Mine Bitcoin in India (Read 935 times)