From being called speculative products to ‘virtual digital assets’ (VDAs), cryptocurrencies have come a long way. From April 1, India introduced a tax on all VDAs. The law states that any income earned from the transfer of digital assets would be taxed at 30 per cent with no deductions or exemptions. This would apply to the gifting of digital assets as well.
This comes at a time when countries are trying different approaches to regulate cryptos, as more and more investors enter into this space, looking to earn quick profits. In today’s column, we take a look at how India and other countries regulate digital assets.
Understanding Crypto tax in India
Before we delve into crypto taxation laws around the world, it is important to understand how crypto tax works in India. In India, 30 per cent income tax is levied on income earned from the transfer of VDAs, including NFTs. “Taxpayers cannot set off losses arising from one VDA with the income from another VDA. The current income tax laws...
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