Question Regarding Crypto Tax
This query is : Resolved
27 March 2022
Hello,
I used to trade crypto using my mother's account.
And between Nov 21-December21 I invested around 72k in 1 coin (VET)!
But due to the recent Budget, I am planning to sell it! but I am at a huge loss.
If I sell the Crypto after 31st March 2022. When the price gets back to 72k with no profit!
Will I have to report my loss/profit or will I have to pay tax??? and In last month Feb22, I made a profit of 20k+ on a different coin(IOTX). So if I report my profits in years 2021 and 22, Will the income tax department apply tax on it??? or will they exempt my tax on the profits I made before 31st March 2022.
Thank you
I used to trade crypto using my mother's account.
And between Nov 21-December21 I invested around 72k in 1 coin (VET)!
But due to the recent Budget, I am planning to sell it! but I am at a huge loss.
If I sell the Crypto after 31st March 2022. When the price gets back to 72k with no profit!
Will I have to report my loss/profit or will I have to pay tax??? and In last month Feb22, I made a profit of 20k+ on a different coin(IOTX). So if I report my profits in years 2021 and 22, Will the income tax department apply tax on it??? or will they exempt my tax on the profits I made before 31st March 2022.
Thank you
27 March 2022
In such a case of no profit for sale after March 22 no need to pay any tax.
For a profit of 20k no tax if this is the only Income.
For a profit of 20k no tax if this is the only Income.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tds on building rent monthly
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
