![]() ![]() ![]() The gains are called long-term capital gains and are taxed at 20% with indexation benefit. Suppose you had purchased some bitcoin units in January 2015 for Rs 1,00,000 and sold them in May 2018 for Rs 5,00,000. It is added to your taxable salary and you are taxed as per your income tax bracket. The gains are short-term capital gains of Rs 1,00,000 – Rs 50,000 = Rs 50,000. You must enter the purchase price and the sale price of the bitcoin along with the holding period.įor example, you have bought some bitcoin units in August 2017 for Rs 50,000 and sold them for Rs 1,00,000 in November 2018. The bitcoin tax calculator shows the capital gains tax on bitcoins depending on the holding period. The government is holding talks with different ministries to bring in a law to ban cryptocurrencies. However, in March 2020 cryptocurrencies were declared legal in India. RBI banned cryptocurrencies in the year 2018 after several frauds. It is similar to the initial public offer or IPO where a company offers shares to the general public for the first time. The entrepreneurs raise funds for bitcoins and other currencies through the initial coin offering or ICO. Miners earn transaction fees and bitcoins in exchange for mining bitcoins. It is a public ledger of information that records all bitcoin transactions.īitcoin mining is done through specialised computers, and miners process the bitcoin transactions to keep the network secure. Blockchain is the core technology behind bitcoin and other cryptocurrencies. Any bank or government does not control the currency. You may buy or sell bitcoins on a bitcoin exchange. Bitcoin is a cryptocurrency invented by an unknown group of persons. ![]()
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