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-incomeNow 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.