Quote from: baristor137 on March 29, 2015, 04:09:08 PM

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.

No, you don't want to pay but your friend needs to. If he doesn't pay, you will have to pay. I didn't understand your second question. You bough Bitcoins for your friends and you used them? That means those were bough for you and if it is the case, you will have to pay the tax.

FYI:

Quote from: http://en.m.wikipedia.org/wiki/Income_tax_in_India#ref_Note



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| Individual resident (Age below 60 Yrs.) | Resident senior citizen | Super senior citizen |       Any other person excluding      | Income Tax rates |
|   or any NRI / HUF / AOP / BOI / AJP    |                         |                      |  companies and co-operative societies |                  |
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|           Up to ₹250,000                |     Up to ₹300,000      |    Up to ₹500,000     |             Up to ₹200,000            |         NIL     |
|           ₹250,001500,000              |     ₹300,001500,000    |            -          |             ₹200,001500,000          |         10%     |
|           ₹500,0011,000,000            |     ₹500,0011,000,000  |    ₹500,0011,000,000 |             ₹500,0011,000,000        |         20%     |
|           Above ₹1,000,000              |     Above ₹1,000,000    |    Above ₹1,000,000   |             Above ₹1,000,000          |         30%     |
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