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
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
No you won't get taxed if your profit is below 250000 INR in a financial year but if your profit is greater than 250000 INR then you will need to pay tax but only amount excess of 250000 INR. Lets say you have earned profit of 380000 INR in this year then you will have to pay tax only on 120000 INR and based on long term capital gain you will need to pay 20% of 120000 which will be around 24000 INR.
Assuming he have other income sources, his income will be much more than 2.5L. But you can consult a good CA and he can help you cut down your tax liabilities. Tax laws are complex in india, consult with some good CA instead thinking complicated mumbo jumbo and make some good money
