Bobby se (Business owner) (27 Points)
20 June 2017have a friend in USA who can send me bitcoins. The idea is to sell the bitcoins in India and wire him back the money from the sales proceeds in India. Now, what are the tax implications on the sale of bitcoins in India ? I believe I can sell the bitcoins through Indian bitcoin companies like unicoin , which transfer the money into your account once the bitcoin is sold. Also, what should the remittance reason stated for the wire transfer ?
sanjeev kapur
(CEO)
(56 Points)
Replied 14 December 2017
i have the same question. I buy BITCOIN in Dubai and send it to my son's bitcoin wallet in Coinsecure where he sells and recieves money in his bank account, which is again remmitted back to me at Dubai. So he is recieving monies against sale of Bitcoin from Bitcoin exchange and remitting same amount back to me. There is no PROFIT or difference between money recieved and money remitted back.
Request somebody to please clearify its tax implications for my son.
Z
( )
(2960 Points)
Replied 14 December 2017
Sale of the bitcoin will lead to Capital gain income/ Loss if the same is held as a capital asset for you.
For an ordinary resident, his global incomes are taxable. So, it does not matter where he transfers it.
CAclubindia
