Got cryptocurrency as prize and later sold it

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 March 2018 This is a little complicated case : I participated in an online competition and as an award received cryptocurrency . So, after observing the market I sold that cryptocurrency and converted it into Indian Rupees. Can anyone tell me how is tax applicable in this scenario and how should I file it.

If any expert could spare a little of there valuable time and help me with this, It would be a big help.
Thanks in Advance.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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22 March 2018 the cryptocurrency you received as prize is taxable as Income from other sources (need to be valued at the cross rate of cryptocurrency-USD-INR on the day of award). The difference between this value and sell value is taxable as capital gains