tax on selling bitcoin worth above 1 crore rs

The concept of bitcoins being quite new to the Indian market, apparently the government has not yet brought taxability of bitcoins into the statute books. At the same time, the Central Board of Direct Taxes(CBDT) has not yet issued any guidance. Tax authorities in many countries, such as the US, treat bitcoins a capital asset in hands of investors, with the sale resulting in a capital gain.

In his budget speech on February 1, finance minister Arun Jaitley had said that the government does not consider cryptocurrencies legal tender and will take all measures to eliminate use of crypto assets in financing illegitimate activities or as part of payment system.

In such circumstanses, it may be possible that you may have of pay 30% tax over the profits earned, under income from other sources.