India increased tax laws for crypto investors

28.03.2022 13:55
by Artem Ustinov
1 min read

India increased tax laws for crypto investors

The Parliament of India has passed tax legislation that provides for an increase in the taxation of cryptocurrency transactions:

  • Capital gains tax of 30% on cryptocurrency transactions.
  • Withholding at source (TDS) tax of 1% is when the payer withholds a percentage of the amount at the time of making the payment and passes it on to the government.
  • Tax on a gift made in cryptocurrency.

Also, investors will not be able to make tax deductions for losses. This means that the resulting loss on one transaction does not make it possible to reduce the taxable base on a profitable transaction.

Author

  • Crypto analyst and practitioner trader with the law and managerial education. Active investor and crypto enthusiast. Worked as an analyst and copywriter in a brokerage company. Accompanied by DAO and NFT projects of different levels of complexity.

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