The Indian ministry of finance has clarified in parliament how it plans to tax cryptocurrency transactions. crypto bitcoin $BTC
India’s ministry of finance has clarified in parliament how the government plans to tax cryptocurrency transactions. A proposed new section to the Income Tax Act states that gains from crypto transactions will be taxed at 30% while losses cannot be deducted.The Indian ministry of finance answered some questions Monday in Lok Sabha, the lower house of parliament, regarding how cryptocurrency transactions will be taxed going forward.
Minister Chaudhary continued: “The bill also proposes to define VDA. If any asset falls within the proposed definition, such virtual asset will be considered as VDA for the purposes of the Act and other provisions of the Act will apply accordingly.” Noting that “while losses incurred due to the transfer of virtual digital assets cannot be set off against any other income,” Chidambaram further asked, “whether the losses arising from the sale of one virtual digital asset can be set off against the gains arising from another virtual digital asset.”Loss from the transfer of VDA will not be allowed to be set off against the income arising from transfer of another VDA.
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