Indian Crypto Investor Woes
The main question that arises is how does it impact a retail investor in crypto?
- Tax Deducted at Source will amount to 1% of the entire transaction amount.
- Any profits made from sale of cryptocurrency will be taxable at a flat rate of 30% w.e.f April 1, 2022.
- Loss incurred from digital asset holding can not be set off against any other income.
- The tax is on the basis of cumulative net gain on a transaction. For example, in case the profit from one cryptocurrency is ₹20000 and the loss is ₹6000, then the net taxable amount is ₹14000.
- The only deduction to be allowed is the cost of acquisition.
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