Here is an interesting video I found about Bitcoin adoption in India. It is most definitely legal.
https://www.youtube.com/watch?v=WBSBxkULP4Y
Topic: is bitcoin illegal in india? (Read 3225 times)
Bitcoin ain't illegal in India, at least not in the form of theory... Because even our Governor said that they are seeing it to be an interesting opportunity and might find a place for it sooner or later in our country to get allowed for use... Though, RBI issued a note as Divinespark said that we should trade this asset with caution as it is extremely liquid...
Nishith Desai and the RBI think not. Though the RBI has issued a cuationary note.
http://www.thehindu.com/business/Economy/bitcoins-per-se-are-not-illegal-in-india-nishith-desai/article5538900.ece
The article clearly says that its not illegal, but can be illegal only depending on the use of it. http://www.thehindu.com/business/Economy/bitcoins-per-se-are-not-illegal-in-india-nishith-desai/article5538900.ece
However some important points like Selling goods abroad i.e exporting can be illegal.
i dont think bitcoin is illegal in india, but it is not regulated for sure, i dont think there is any law citing that the crypto currency is illegal,once the authorities have a clear understanding about bitcoin then they write a law regarding that.
Nishith Desai and the RBI think not. Though the RBI has issued a cuationary note.
http://www.thehindu.com/business/Economy/bitcoins-per-se-are-not-illegal-in-india-nishith-desai/article5538900.ece
http://www.thehindu.com/business/Economy/bitcoins-per-se-are-not-illegal-in-india-nishith-desai/article5538900.ece
i mean u are earning bitcoins by postig .then after u have earned a lot of bitcoins then u l be able to transact in ur bank account ..after u have transferred ur money to the bank ..cant the income tax department say that how could u get so much money?
then how would u answer that question?
and why are u not paying taxes?
then how would u answer that question?
and why are u not paying taxes?
You just broke the first two rules about Fight Club.
Rule #1: Don't talk about fight club.
Rule #2: DON'T TALK ABOUT FIGHT CLUB.
i think yes.Bitcoin is still not legalized in India but people can frequently use bitcoin here
You can see different service such as zebpay and unocoin,etc which are doing great business now days.
Do not create unnecessary thread.btc are not directly connected to any bank.You pay transition fee as exchange fee.
I guess the OP is talking about what happens after he sells his BTC and the fiat flows to the bank account.
Will he be liable to pay taxes at that point? The answer is yes.
No i haven't heard any of this yet ?
Just having BIT life
Just having BIT life
It's freelance money and usually the IT department doesn't inquire how you got the money till the amount falls in the category of tax payers. Still there are forms available for those who don't earn a fixed income and aren't liable to pay taxes. If your income is over the taxable income and the sources appear suspicious, you may need to prove the source is genuine.
Do not create unnecessary thread.btc are not directly connected to any bank.You pay transition fee as exchange fee.
I guess the OP is talking about what happens after he sells his BTC and the fiat flows to the bank account.
Will he be liable to pay taxes at that point? The answer is yes.
Earning Bitcoins is not illegal in India. Infact the RBI themselves are investing and researching into Blockchain technology. I'm sure, like others have mentioned in here, if you did declare within your ITR's 'Income from other sources' the amount you've earned, you're always on the safer side. Happy Bitcoin earning!
Pay small tax if you make huge money then its no issue
Do not create unnecessary thread.btc are not directly connected to any bank.You pay transition fee as exchange fee.
and why are u not paying taxes?
Only you can answer this question. No one has stopped you from paying tax on your bitcoin money.
i mean u are earning bitcoins by postig .then after u have earned a lot of bitcoins then u l be able to transact in ur bank account ..after u have transferred ur money to the bank ..cant the income tax department say that how could u get so much money?
then how would u answer that question?
and why are u not paying taxes?
then how would u answer that question?
and why are u not paying taxes?
Jump to: