Question Regarding Crypto Tax
This query is : Resolved
That Technical Guy
(Querist)
27 March 2022
Hello,
I used to trade crypto using my mother's account.
And between Nov 21-December21 I invested around 72k in 1 coin (VET)!
But due to the recent Budget, I am planning to sell it! but I am at a huge loss.
If I sell the Crypto after 31st March 2022. When the price gets back to 72k with no profit!
Will I have to report my loss/profit or will I have to pay tax??? and In last month Feb22, I made a profit of 20k+ on a different coin(IOTX). So if I report my profits in years 2021 and 22, Will the income tax department apply tax on it??? or will they exempt my tax on the profits I made before 31st March 2022.
Thank you
I used to trade crypto using my mother's account.
And between Nov 21-December21 I invested around 72k in 1 coin (VET)!
But due to the recent Budget, I am planning to sell it! but I am at a huge loss.
If I sell the Crypto after 31st March 2022. When the price gets back to 72k with no profit!
Will I have to report my loss/profit or will I have to pay tax??? and In last month Feb22, I made a profit of 20k+ on a different coin(IOTX). So if I report my profits in years 2021 and 22, Will the income tax department apply tax on it??? or will they exempt my tax on the profits I made before 31st March 2022.
Thank you
CA R SEETHARAMAN
(Expert)
27 March 2022
In such a case of no profit for sale after March 22 no need to pay any tax.
For a profit of 20k no tax if this is the only Income.
For a profit of 20k no tax if this is the only Income.
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