Quote from: polynesia on January 29, 2018, 06:00:58 AM

Quote from: djbabu on January 23, 2018, 05:01:34 PM

Quote from: bitdragon84 on January 23, 2018, 08:45:20 AM

Quote from: niisarearning on January 23, 2018, 06:24:35 AM

Hi
I want to know the status about INR balance keeping in zebpay/unocoin wallet by selling Bitcoin . If i am selling bitcoin which i earned by giving services and selling in zebpay and keeping INR amount in zebpay wallet not transfered to bank acount until april this financial year 2017/18 IT calculation . Do i need to pay tax for the amount available in wallet ??
Note: Please dont spam here ?? Genuine answers appreciated

Yes, you need to pay tax on the amount of capital gains as per the slab (short term or long term).
Taxable event (selling to fiat) happened in the current financial year so you have to pay for this year. It doesn't matter if its bank account or Zebpay account.
Disclaimer - I am not a tax consultant.

Hi,

No Bitcoin is not yet taxable in india , no short term or long term gain, Only income tax if you r in profit then only, you can keep money in wallet after selling and withdraw after march.
We are investing in bitcoin in our risk gov is not helping so they cant ask us for tax until they make law.
Please : All user understand that apart from income tax no tax need to be given , this is not a share and no law for it ,
Note : I am financial advisor

This is a ridiculous answer. Stop misleading people.
Governments do not have to make specific laws to tax gains. Gains are taxable by default unless specific exemptions apply. So yes, Bitcoin gains are definitely taxable.
Have you been living under a rock? Don't you know that the Income Tax Department has sent out thousands of notices to people on Bitcoin gains?

Quote from: djbabu on January 27, 2018, 04:21:30 AM

Quote from: CoinMega on January 25, 2018, 01:32:11 PM

Quote from: djbabu on January 25, 2018, 12:55:10 PM

Dont become modi and take uturn you referred coinbase.
Now kindly let us know which tax we need to pay then income tax or like someone said Long term/ short term tax ?

You are so deluded. I used "probably" when I said US taxes amount held in Coinbase, so India would too. I clearly said I was not too sure about this one.
Okay, I'll kindly let you know which tax you need to pay because you cannot Google it yourself.
If you trade regularly, then you treat it as a business income and pay Income tax.
If you do not trade regularly, treat it as Capital gain and pay Short term tax (30%) if held less than 3 years, and long term tax (20%) if held more than 3 years.
I am not here to debate Government policies, I am here to state the facts. And the fact is that you have to pay tax.

Hi
Now you are in correct track my friend
Why you say long term to be 20% ?
https://cleartax.in/s/capital-gains-income
Now friend if you get any notice ask them under which section you need to pay , I am treating Bitcoin as equity so no tax after 1 Yr .
So problem is here that every one see the ball different and play it like that , Government itself don't know under which category bitcoin falls
and people who fear to get notice from IT try to pay the most tax to get rid of any future trouble, but this is not a solution
i see Bitcoin as equity due to its volatility and no tax need to be given after 1 yr or only 15% (no matter in which income slab i m in) if i sell with 365 days.

Try telling the Income Tax department that you treat Bitcoin as equity and let us know the response. I am sure they will be humoured. Grin

The 0% rate on long term capital gains for equity held for over 1 year, is only applicable to shares traded on a registered Stock Exchange, on which Securities Transaction Tax has been paid. I assume you haven't been trading bitcoins on the NSE and paying STT on your trades. Tongue

The government may not have legislated on Bitcoin yet, but that doesn't mean you can get away with not paying taxes. Try not to be too smart and pay your taxes which are due. If you indeed are a financial advisor, advise your clients to do the same.

Hi polynesia,

Sorry, You are misleading users here.

Tell me only 1 rule from IT department which says Bitcoin is taxable and under which section any government gazette will work don't lead to news papers .

I am not paying taxes my self , I m still in loss .

Even i m in profit , we do not need to pay taxes after 1 yr .

My friend opened Hosting biz 8 yr ago, one day police come say you don't have license , they hold me for 1 day , now he won the case in 3 months , there is no need to have separate license for that , they just want some $$$ which he never gave them that's it.

All other advisor just make sure you give something to gov in case they ask to avoid any trouble.
We are not doing any wrong why should we fear ?

Its there duty to make rule before they ask tax from us.

Under which section they will ask tax from us ? income tax or that capital gain ! first they need to decide then ill pay.

Due to you guys fear you pay gov taxes and gov say if you invest in bitcoin i m not responsible -> See how silly you guys are Huh

?
you make gov win on both side due to lack of information

bitcoin Indians are looser they pay taxes they pay heavy fees to exchanges and take up all the risks Really you guys call your self investor , you don't even know your laws your rights !!!!

Like with GST if nothing is mention trader are imposing 28% GST , ridicules