A friend buys bitcoins in the US. Then transfers me the bitcoins which I sell in India (at a higher price because prices are higher in India). I then keep some money for myself and remit the rest of the money and the profit back to the friend in the US.
So what are the tax implications of this? How do I show that income?
example: Friend buy bitcoins for $100 (exchange rate is Rs 65). He transfers them to me. I sell them for Rs 8000 in India. I keep Rs 500 for myselff and transfer back Rs 7500 to the friend in the US. So he earns a profit and I earn some money for providing my service.
And are there some other regulations in play here?
CAclubindia
