Taxation for selling Bitcoin? | Bitcointalksearch.org

Blackshadow007

sr. member

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Merit: 276

Currency Xchanger™

I am also curious about this really ... I want to start BTC buying / selling business in LBC but i am curious how can i file Income tax regarding this ...
What type of Business it should fall and what license i should hold to make less worry about Govt. problems . I want to start legit and legal way ... any suggestion from any experienced BTC trader in india ? ,
Although i found a way to cash BTC income i guess avoiding IT attraction

Moneypolo VISA Card which can be delivered to Indian and user can withdraw money via ATM .

camohitmishra

full member

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Merit: 100

Tax treatment for Income from Bitcoins or other crypto currencies is still not clear. Out of 5 heads under which Incomes are analysed, income from crypto currencies can either come in "Capital gains' or from "other sources". However, if we study "other sources" it includes income from trading in foreign currencies which are government regulated. But since crypto currencies are not government regulated so this should not come under "other resources". What remains is "Capital Gain". For analysin income under capital gains there is a provision of "indexing". It deeply explains all theassets which come under capital gains. This include land and property, securities etc. but here as well crytp-currencies are not mentioned. So how these should be treated is unclear.

So, this leaves us in doubt. Some people may not pay tax at all and when IT notice comes they can hire a CA to discuss things with IT department or Tribunals.

I am a Chartered Accountant by the way but this is my frst year of learning about crypto currency, hence I am in doubt as well.

bitcoinisfurture

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