How safe is it to withdraw High Value of BTC at present scenario in India ..? around 5btc.? These are holdings from 2015-2016.. I haven't filed IT return till this date.. not even 0. that's where I'm having problems. ANY Good CA or someone who can give a wise advice on this particular scenario ..? What are the chances that I'll face any notices..? I would like to clear that all of the money that I invested is purely my own. It wasn't much back then around 300$ in DAO that eventually forked into ETH/ETC
As BTC is not considered currency in India, it has to treated like an asset for tax purpose.
When you sell an asset and make a profit, you have to pay capital gains tax on it. The rate differs from asset to asset and also depends on the holding period.
Don't sell the BTC before you hold them for 3 years. That will lower your tax liability.
Just consult a good CA in your city and ask him to file an IT return on your behalf.
Don't show it as "income" else the tax man will get suspicious. A sudden spurt in income can lead to a tax scrutiny.