Quote from: manav24 on Today at 05:01:07 PM

afaik if you go with capital gain route than as per your txn/calculation it will be 30% on 4lacs profit you made.

so 1.2 lac is the tax needed to be paid, but it will also depends on other variables like how long u held the btc before selling etc.

also there is no tax on holding the coins, tax is applicable only on sales and receipt of INR to your bank account.

Thanks very much for the response

I have another doubt.

I will get paid for currency as well in crypto from my clients.

Example:

For year 2018-2019 if i got paid through currency if i got paid 10 lakhs and i have paid taxes for it.

For year 2019-2019 if my client paid through crypto for example 10 lakhs for example 2 bitcoins. at the date 4/22/2020 time 12 pm.

According to me i will pay the tax for 10 lakhs for 2019-2020 and also i pay the tax for long term capital gains or short term capital gains when i sold the crypto.

But my question is while filing income tax for the service i paid 10 lakhs the currency rate is picked (4/22/2020 time 12 pm.) or the currency rate will be picked at the timing and date when i file the tax.....?

Thanks!