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Budget 2022: Cryptocurrencies to be taxed at 30%, says FM Nirmala Sitharaman
In India, there is currently no legislation that governs, regulates, or restricts dealing in cryptocurrencies.
Highlights
- In India, there is currently no legislation that governs, regulates, or restricts dealing in cryptocurrencies.
- As a result, it is legal to sell, buy, trade, or mine cryptocurrencies, as well as to open a cryptocurrency exchange.
New Delhi: Finance Minister Nirmala Sitharaman on Tuesday said that 30% tax will be levied on cryptocurrency income.
“Crypto currencies will be taxed at 30%. Any income from transfer of any virtual digital asset shall be taxed at 30%. No deductions and exemptions allowed. Loss from transfer of such assets cannot be set off against any other income,” she said.
In India, there is currently no legislation that governs, regulates, or restricts dealing in cryptocurrencies. As a result, it is legal to sell, buy, trade, or mine cryptocurrencies, as well as to open a cryptocurrency exchange.
However, given the hazards associated with cryptocurrency investment, it is expected that a measure would be filed in Parliament's Winter Session to either ban or regulate cryptocurrencies.
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