2 November 2024
Indian Government Adds Further Complexity To Crypto Policy
Yesterday, the Indian government has added further complexity to the 30% tax on Crypto profits.
The government clarified that loss in one Crypto asset cannot be offset against the profit in others. It means if you book a $100 profit by trading Bitcoin (BTC) and a $100 loss by trading Ether (ETH), the investor will still end up paying 30% tax on the $100 BTC profit.
It seems an attempt to discourage Indian Crypto investors from participating in the market. India is one of the largest countries with a large number of Crypto investors in the market.
WazirX CEO, Nischal Shetty has come in support of investors and tweeted, “Discouraging Crypto = Discouraging Innovation This is one of the top reasons why countries around the world are taking cautious steps in Crypto taxation Hope Indian Government hears the youth and ensures that Indian Crypto industry remains competitive”.
Additionally, Minister of State for Finance Pankaj Chaudhary said, infrastructure costs incurred in the mining of Cryptocurrencies or any virtual digital assets will not be allowed as deductions under the income tax act.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
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