Post
Topic
Board India
Re: how to convert crypto to inr without paying taxes?
by
bitnote
on 05/10/2024, 12:48:11 UTC
Hello, thank you for your responses.

I have an idea, but I'm not entirely sure about it. Can I use Binance, Bitget, or any international exchange to exchange crypto to fiat through P2P? I’m considering starting with ₹50,000 in the first month, then around ₹20,000 to ₹30,000 each month thereafter. Would this be a safe approach to avoid detection by banks?
Additionally, my father has an account with over ₹3 lakh in fixed deposits and about ₹1 lakh in savings. Can I withdraw money to his account via P2P and then transfer it to mine, treating it as a gift that wouldn’t be taxable? The amounts would be relatively small, like ₹50,000 to ₹1 lakh.

Is OKX exchange operational in India? I recall receiving an email a few months ago stating they were not operating in the country.

How safe is P2P trading? Can I trust users based on their reputation on platforms like Binance, or should I verify additional details, such as their names and what verification they have done (but they can be expensive to trade with)?