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.
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
(Expert)
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
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