Crypto currency & Shares

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This discussion clarifies the taxability of gains from cryptocurrency and shares for individuals belonging to Schedule Tribes residing in VI Schedule areas. While dividends from shares may be exempt under Section 10(26), short-term and long-term capital gains (STCG and LTCG) from both crypto and shares are generally taxable after the basic exemption limit. LTCG has a specific exemption up to £1 lakh, with subsequent gains taxed at 10%, while STCG is taxed at 15%.

TSERING CHOTON

TSERING CHOTON (Querist)

02 May 2023 Will the Gains from Crypto currency and shares be taxable to Schedule Tribe residing in VI schedule area if the shares and Crpto currency were purchased from a mobile device ????

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

02 May 2023 Yes, it's taxable as it's not earned from the residing state.

TSERING CHOTON

TSERING CHOTON (Querist)

03 May 2023 thank you sir for your timely reply but the dividend earned from the shares held are exempt under sec 10(26).

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

03 May 2023 Yes, it's exempt.....
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TSERING CHOTON

TSERING CHOTON (Querist)

03 May 2023 Sir thank you for your reply,But STCG or LTCG from shares are taxable??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

03 May 2023 Both are taxable after basic exemption limit.
LTCG exempt upto 1 lac and after basic exemption taxable at 10% and at 15% for short term capital gains.

TSERING CHOTON

TSERING CHOTON (Querist)

03 May 2023 Sir thankyou for your reply

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

03 May 2023 You are welcome....
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