Topic: Income tax for the amount available in zebpay/unocoin?? (Read 271 times)

nice disc... so if u pay tax , is it legal in india

Hi @niisarearning

Great, So can you inform the so called brainless investor who opposed me that you need to pay tax ?

Now tell me who is correct financial advisor here !!!


Opposer: Till there is no rule you do not need to pay any taxes to GOV , This is simple Why you guy want to do rocket engineering here!!!!!

@polynesia : You became the biggest misleading person here, Hope you will not mislead newbies anymore & 1 more thing word like ridiculous f**K used by looser and you are the one of them

Thanks

Finally i got response from zebpay regarding the money in the INR wallet or transfered to INR wallet Doesn't required to pay tax.
 "Mail Proof
Thank you for your mail.

We would like to inform you that there are no taxes charged on customers for keeping the amount in their INR wallet.

Please let us know if there are any further queries.

Thank you for your interest and patience.
Regards
Zebpay Team"

Hi polynesia,

Sorry, You are misleading users here.

Tell me only 1 rule from IT department which says Bitcoin is taxable and under which section any government gazette will work don't lead to news papers .

I am not paying taxes my self , I m still in loss .

Even i m in profit , we do not need to pay taxes after 1 yr .

My friend opened Hosting biz 8 yr ago, one day police come say you don't have license , they hold me for 1 day , now he won the case in 3 months , there is no need to have separate license for that , they just want some $$$  which he never gave them that's it.

All other advisor just make sure you give something to gov in case they ask to avoid any trouble.
We are not doing any wrong why should we fear ?

Its there duty to make rule before they ask tax from us.

Under which section they will ask tax from us ? income tax or that capital gain !  first they need to decide then ill pay.

Due to you guys fear you pay gov taxes and gov say if you invest in bitcoin i m not responsible -> See how silly you guys are ?
you make gov win on both side due to lack of information

bitcoin Indians are looser they pay taxes they pay heavy fees to exchanges and take up all the risks Really you guys call your self investor , you don't even know your laws your rights !!!!

Like with GST if nothing is mention trader are imposing 28% GST , ridicules

Are you sure about amount which is in zebpay is not taxable i have raised concern to zebpay still waiting for answer once i receive the answer probably i will post it here.

There are no rules and regulation for the bitcoin yet for the Indian taxation.

However you can pay the tax at your own will by showing the transaction in the bank. Your zebpay INR amount is not taxable because it is still Bitcoin for the ZebPay company and it stays with them.

When you will transfer it to the bank account then you will have to show that in the tax for sure.

Assuming he have other income sources, his income will be much more than 2.5L. But you can consult a good CA and he can help you cut down your tax liabilities. Tax laws are complex in india, consult with some good CA instead thinking complicated mumbo jumbo and make some good money

This is a ridiculous answer. Stop misleading people.
Governments do not have to make specific laws to tax gains. Gains are taxable by default unless specific exemptions apply. So yes, Bitcoin gains are definitely taxable.
Have you been living under a rock? Don't you know that the Income Tax Department has sent out thousands of notices to people on Bitcoin gains?



Try telling the Income Tax department that you treat Bitcoin as equity and let us know the response. I am sure they will be humoured.  
The 0% rate on long term capital gains for equity held for over 1 year, is only applicable to shares traded on a registered Stock Exchange, on which Securities Transaction Tax has been paid. I assume you haven't been trading bitcoins on the NSE and paying STT on your trades.  

The government may not have legislated on Bitcoin yet, but that doesn't mean you can get away with not paying taxes. Try not to be too smart and pay your taxes which are due. If you indeed are a financial advisor, advise your clients to do the same.

Thanks for you prompt reply djbabu yes we do understand government still not made any rule here . I can’t show my long term investment may be I would be early believer of any coin like if somebody bought ethereum in January 2017 for 1$ and he is planning to sell ethereum in 2018  February so time exceeded more than one year if it consider as equity . Do I need to pay tax for holding more than 1 year

Thanks for reply I don’t know why you said 20% for 250000 to 500000 it’s only 5% . I think you just posted here to increase post count without any research to misguide people.

Hi

Now you are in correct track my friend

Why you say long term to be 20% ?

https://cleartax.in/s/capital-gains-income

Now friend if you get any notice ask them under which section you need to pay , I am treating Bitcoin as equity so no tax after 1 Yr .

So problem is here that every one see the ball different and play it like that ,  Government itself don't know under which category bitcoin falls

and people who fear to get notice from IT try to pay the most tax to get rid of any future trouble, but this is not a solution

i see Bitcoin as equity due to its volatility and no tax need to be given after 1 yr or only 15% (no matter in which income slab i m in) if i sell with 365 days.

     

No you won't get taxed if your profit is below 250000 INR in a financial year but if your profit is greater than 250000 INR then you will need to pay tax but only amount excess of 250000 INR. Lets say you have earned profit of 380000 INR in this year then you will have to pay tax only on 120000 INR and based on long term capital gain you will need to pay 20% of 120000 which will be around 24000 INR. 

You are so deluded. I used "probably" when I said US taxes amount held in Coinbase, so India would too. I clearly said I was not too sure about this one.

Okay, I'll kindly let you know which tax you need to pay because you cannot Google it yourself.

If you trade regularly, then you treat it as a business income and pay Income tax.

If you do not trade regularly, treat it as Capital gain and pay Short term tax (30%) if held less than 3 years, and long term tax (20%) if held more than 3 years.

I am not here to debate Government policies, I am here to state the facts. And the fact is that you have to pay tax.

Dont become modi and take uturn you referred coinbase.

Now kindly let us know which tax we  need to pay then income tax or like someone said Long term/ short term tax ?

When did I say law of the US works here too?

This is not stock trading.

They protect us or not, it does not matter. ANY profit is taxable unless exempted.

That's not how democracy works.

No you cannot answer a Tax notice with another senseless question. Pay your taxes.

US law dont work here, In china they Banned ICO , will india fallow it ?

Australia allow men to men marriage will india allow it ?

If you go with Stock trading laws after 1 yr no tax need to be given else 15%

If they are not protecting us they are no right to ask tax for it .

We live in democracy our law is different

No tax need to be paid , If you get notice from them ask them in return under which law they are asking because RBI is already said people do it you own risk we dont help you.
 
Thanks

This is wrong and you call yourself a financial adviser.

"No Bitcoin is not yet taxable in india"
Any kind of Income or Profit is taxable, they do not have to make a new law for every type of gain.

"you can keep money in wallet after selling and withdraw after march"
I am not too sure about this one. I know that US charges tax on Fiat held in Coinbase account, so probably India would too.

"We are investing in bitcoin in our risk gov is not helping so they cant ask us for tax until they make law."
That does not matter. They CAN tax us.

You could may be give a call to your Exchange, they can help you a bit with taxes.

Hi,

No Bitcoin is not yet taxable in india , no short term or long term gain, Only income tax if you r in profit then only,  you can keep money in wallet after selling and withdraw after march.

We are investing in bitcoin in our risk gov is not helping so they cant ask us for tax until they make law.

Please : All user understand that apart from income tax no tax need to be given , this is not a share and no law for it ,

Note : I am financial advisor

Yes, you need to pay tax on the amount of capital gains as per the slab (short term or long term).
Taxable event (selling to fiat) happened in the current financial year so you have to pay for this year. It doesn't matter if its bank account or Zebpay account.
Disclaimer - I am not a tax consultant.

Hi
I want to know the status about INR balance keeping in zebpay/unocoin wallet by selling Bitcoin . If i am selling bitcoin which i earned by giving services and selling in zebpay and keeping INR amount in zebpay wallet not transfered to bank acount until april this financial year 2017/18 IT calculation . Do i need to pay tax for the amount available in wallet ??
Note: Please dont spam here ?? Genuine answers appreciated