Got cryptocurrency as prize and later sold it

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 March 2018 This is a little complicated case : I participated in an online competition and as an award received cryptocurrency . So, after observing the market I sold that cryptocurrency and converted it into Indian Rupees. Can anyone tell me how is tax applicable in this scenario and how should I file it.

If any expert could spare a little of there valuable time and help me with this, It would be a big help.
Thanks in Advance.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

22 March 2018 the cryptocurrency you received as prize is taxable as Income from other sources (need to be valued at the cross rate of cryptocurrency-USD-INR on the day of award). The difference between this value and sell value is taxable as capital gains

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Avisha Sinha

NISHANT SIPANI

shanmukha sai

Rohit Sachdeva

Angadi & Co

Subscribe Now

Got cryptocurrency as prize and later sold it

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Article Assistant

GST CONSULTANT

GST CONSULTANCY

Accountant

Manager- Finance and Compliance