Post
Topic
Board India
Re: How you guys are mentioning earning from bitcoin in ITR filing ?
by
RocketSingh
on 29/07/2015, 10:46:43 UTC
Tell your tax guy you traded in an asset called Bitcoin, and that you need to show your profits as Capital Gains. Then give him your transaction history, including all Sells you did in the last financial year. If he still does not get it, tell him to think of it as a new stock scrip called BTCX and to use your txn history for comptutation. If he still does not get it, run from that guy.
I think, by trade, it means buying & selling. But, I never buy. I earn and sell. So, I guess, capital gain does not apply to me. Everything that I have sold needs to be shown as earning. By transaction history, do you mean the blockchain Tx details ? That is Hebrew to him. I like your idea of showing it as an asset. I am planning to show it to him as 'Earning from Digital Asset Sales' and provide bank transaction details against those sales.

If you have used only Coinsecure, you can use my tool CoinsecureCG (http://coinsecurecg.appspot.com) to compute your Capital Gains. You can print out the CG computation page and give it to your tax guy.
I dont touch centralized exchanges. Sorry. LBC & 100bit.co.in are my preferred one.