Cryptocurrency Q&A
How to avoid crypto tax in India?
How to avoid crypto tax in India?
DigitalCoinDreamer
Fri Oct 04 2024
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6 answers
1039
Excuse me, could you elaborate on the methods one might employ to evade cryptocurrency taxes in India? Is it even feasible to legally navigate the complexities of taxation in the realm of cryptocurrencies, or are there strict guidelines that must be adhered to? Are there any loopholes or grey areas in the tax laws that one could potentially exploit, or is it essential to fully comply with the regulations set forth by the Indian government? I'm genuinely curious about the best practices for ensuring compliance while also minimizing one's tax burden in the realm of cryptocurrency transactions.
6 answers
Carlo
Sun Oct 06 2024
In India, the taxation of gifts received is a complex matter, with various exemptions and rules in place. Generally, gifts are subject to taxation unless they fall under specific exemptions.
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GangnamGlitter
Sun Oct 06 2024
One of the exemptions is gifts received from relatives. This includes family members who are closely related, such as parents, siblings, and children.
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CoinMasterMind
Sun Oct 06 2024
Additionally, gifts received on specific occasions, such as weddings or religious ceremonies, may also be exempt from taxation.
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Chiara
Sun Oct 06 2024
However, it's important to note that the person receiving the gift may not be required to pay any immediate tax on the value of the gift.
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CryptoProphet
Sat Oct 05 2024
If the gift is in the form of cryptocurrency, and the recipient decides to sell it in the future, the cost basis for calculating capital gains tax will be the original acquisition cost of the crypto.
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