Someone who wanted to use crypto but didn't just because he has to pay more when it comes to buy them which is common but ever since Wazrix got hacked the people got no other choice than paying a bigger price than the current market price. Also what are the best option to buy bitcoin without paying too much from the current price?
Here's the one discussed in different thread.
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Also, I’m really considering crypto, the downside is so big it genuinely makes me not even want to consider it. Here in India, buying p2p from Binance (I only know Binance cause I used to initially use it to gamble through crypto and have only used them) buying from p2P here in India mean a 20-25% markup on live prices, then I get a quarter to gamble with, let’s say I make my money back. Theres a 30% straight tax on redeeming crypto as well as platform fees for Binance for selling P2P. All in all, it just makes it super hard for us to work off crypto.
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About crypto and fiat in India, I can't give much input as I have zero clue of the complexity of how India and crypto works, but if I infer correctly,
Bitcoin Smith is an Indian, so maybe he can give an input. And this forum also have
India Local Board, maybe you can ask around there and perhaps they accept p2p with lower "tax" rate?
Thanks for mentioning me here, Posting it as separate thread since the original thread is locked
When it comes to p2p in general we got to pay 5 to 10% higher fee than the market price while buying bitcoin so the better option is buy USDT which you can get close to the market price and then use the USDT to buy bitcoin will be cost effective compared to buying bitcoin directly and since FIU made AML policies stricter exchanges left the BTC/INR pairs so the only opinion now is to buy via p2p, there are some Indian exchanges like Unocoin still got it but I won't recommend using any Indian exchanges because there are many issues with deposits and withdrawals.
Regarding the tax, yes there is 30% flat rate irrespective of short or long term capital gains that is basically an attempt from the government to discourage the users to not to use cryptos. The legal way to avoid the 30% tax is using gift cards but you can always use find someone from the community to do p2p then you don't need to report it as earnings from crypto and get 0% tax up to 12.5 Lakhs under the new tax regime. I am not really an expert though so don't take it as financial advice rather an opinion, to get proper answer find the professional in your local then you may find better ways to legally avoid the taxes.