I think if you have bitcoin holdings, you have declare it every year until you sell it off.
Am I right?
Am I right?
That is one interpretation which I am afraid of, and don't think is right.
This provision can be easily used to harass the crypto-community in the future.
what do you mean by harass?
if you declare it like this every year what is the problem? you don't have to pay tax on your bitcoin holdings every year right? it's only the first year.
They may decide
- Those who have declared may need further scrutiny
- If you miss declaring it in the first year, then you are in trouble.
- In case law changes (let us say bitcoin becomes illegal) then the government has a ready database.
I think after seeing this reply i also agree with you that anything can happen in India, with such types of Politicians , who work for only money. I have seen that peoples who are paying taxes correctly are also harassed for bribe in india.