Suppose I buy cryptocurrencies like bitcoin/etherium in the U.S. and transfer to my or my parents' wallet in India and sell at a premium and make a profit.
Hi i had a similar question please can some one answer the above question.
Hi ,
I too have the same apprehension about the taxability.
Basically, we are remitting money to family using "Crypto Currency" which is being recieved by our family members through a crypto currency Exchange in India, which transfers the INR value into our family member's account.
It is like any other remmittance sent to family in USD through a bank or money exchange like western union etc.
So why would it be taxable. Differnce in currency value in india is on reciept is not a taxable income for family members. They recieve INR equivalent in their bank.
The family members is recieving BTC/ crypto currency in his exchange wallet from his relative's Crypto currency exchange which could be overseas. i.e. if we send 10 BTC from exchange bought overseas , the family member is also recieving 10 BTC in his exchange. The Exchange gives credit of INR equivalent to family members in their India Bank account.
I wish the tax authorities in India clearify how this transaction is going to be treated. Request the vetran CAs on this forum for guidance.
Hi ,
I too have the same apprehension about the taxability.
Basically, we are remitting money to family using "Crypto Currency" which is being recieved by our family members through a crypto currency Exchange in India, which transfers the INR value into our family member's account.
It is like any other remmittance sent to family in USD through a bank or money exchange like western union etc.
So why would it be taxable. Differnce in currency value in india is on reciept is not a taxable income for family members. They recieve INR equivalent in their bank.
The family members is recieving BTC/ crypto currency in his exchange wallet from his relative's Crypto currency exchange which could be overseas. i.e. if we send 10 BTC from exchange bought overseas , the family member is also recieving 10 BTC in his exchange. The Exchange gives credit of INR equivalent to family members in their India Bank account.
I wish the tax authorities in India clearify how this transaction is going to be treated. Request the vetran CAs on this forum for guidance.
Can someone please clarify on this? I have heard people say, since the purchase of Bitcoin was in USD and the Sales Proceeds in INR,all the sales proceeds would be treated as Other income and we would be liable to pay taxes on entire Sales Proceeds.. not just the "Net Profit (INR Sales Porceeds - INR equivaled of USD purchase)
This basically means that there will be double taxation..and would be pretty bad for NRIs. Can someone please clarify?
CAclubindia
