Quote from: Muhammed Zakir on March 28, 2015, 06:11:38 PM

Quote from: FanOfBtc on March 28, 2015, 04:20:54 AM

Paying tax for Bitcoin transactions ? What kind of tax Income tax, vat or service tax?
Bitcoin coin is not regulated in India so I believe we need not to pay Any tax for Bitcoin transactions.

Am I thinking right ? Do we have any tax experts on board in our forum?

Thanks

You will have to pay tax for the Bitcoins you own. You calculate the tax looking at the INR/BTC value. You are paying tax because Bitcoin is considered as an asset. Correct me if I am wrong!

What if I bought bitcoins for my friends through my account ? And I already spent them, do I still have to pay tax ? I had to use cash deposit to my account and then convert via known xchanger.