1.Can someone throw light upon the exact legal remedy available to FinMin and IT Dept against Bitcoin and other crypto-currencies ?
2.If law doesn't recognize them as legal tender, how it is different from Game-Cureency (which is, as per my best knowledge, not yet taxable !) ?
3. If someone bought Bitcoin from his valid, shown-in-return savings, and doesn't realize the profit in Rupees or any legal tender - like keeping it invested in Cryptos themselves- how and under which section of which law FinMin and IT Dept are going to take actions against such portfolio ??
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How exactly Income Tax Dept is going to act against Bitcoins ?
Replies (1)
I Think Income on sale Bitcoin is taxable under the capital gain.
You can follow below link:
https://timesofindia.indiatimes.com/business/india-business/bitcoin-sale-profit-is-taxable-capital-gains-for-investor/articleshow/58691027.cms
https://www.livemint.com/Money/4cciHKjOYRIRgoMmKi8ypI/You-have-to-pay-taxes-on-gains-from-bitcoins.H T M L
https://www.thehindubusinessline.com/money-and-banking/bitcoin-investors-may-have-to-pay-capital-gains-tax/article10004806.ece
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