Bitcoin News #2 | RBI Bitcoin Crypto Ban After 5th July | cryptocurrency tax taxation India ITR

Solution #2 || RBI Bitcoin Crypto Ban 5July || cryptocurrency tax taxation India ITR

This video is part of the series “RBI Bitcoin Crypto Ban 5July“.
This is the second video in this series and it talks about applicable taxes on the earnings from cryptocurrency. Dealings in cryptocurrency whether it results to income or losses is subjected to be disclosed to the Income Tax department of India.

Gains from the cryptocurrency are subjected to corresponding taxes. This video talks about::
• Taxes on Bitcoin / Cryptocurrency Miners
• Taxes on Bitcoin / Cryptocurrency Traders
• Taxes on Bitcoin / Cryptocurrency Investors

To get clarity to more such concepts, Buy the Book::
“BITCOIN BASICS” LOGIC AND MGIC OF DIGITAL GOLD”
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———————-Imp Video Links————————
How to create paper wallet:: https://youtu.be/bwTG4R3HT_A

438 Bitcoins stolen from COINSECURE exchange:: https://youtu.be/OF20igCH96k

10 Biggest Bitcoin Exchange hacks:: https://youtu.be/1pNwZrDqwDQ

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———————-References————————
1: 1 Lakh IT notices to Bitcoin Investors:: https://economictimes.indiatimes.com/markets/stocks/news/1-lakh-income-tax-notices-sent-to-bitcoin-investors/articleshow/62809250.cms

2: IT raids on Indian Cryptocurrency Exchanges:: https://news.bitcoin.com/tax-investigators-raid-bitcoin-exchanges-across-india/

3: RBI Guidelines with regards to Virtual Currencies on 5 April 2018:: https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=43574

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https://cleartax.in/s/bitcoins-taxes-india

Bitcoin, as a medium of payment, has neither been authorized nor been regulated by any central authority in India. Further, no set rules, regulations or guidelines have been laid down for resolving disputes that could arise while dealing with bitcoins. Hence, bitcoin transactions come with their own set of risks. However, given this background, one cannot conclude that bitcoins are illegal as, so far, there has been no ban on bitcoins in India.
Bitcoins created by mining are self-generated capital assets. Subsequent sale of such bitcoins would, in the ordinary course, give rise to capital gains. However, one may note that the cost of acquisition of a bitcoin cannot be determined as it is a self-generated asset. Further, it also not fall under the provisions of Section 55 of the Income-tax Act, 1961 which specifically defines the cost of acquisition of certain self-generated assets.
Therefore, the capital gains computation mechanism fails following the Supreme Court decision in the case of B.C.Srinivasa Shetty. Hence, no capital gains tax would arise on mining of bitcoins.
If bitcoins, which are capital assets, have been held as an investment and are transferred in exchange for real currency, the appreciation in value would give rise to a long term capital gain or a short term capital gain depending on the period of holding of the bitcoin.

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Do you Admire our Work? Our Bitcoin Wallet Address::
1BvCWvbFDJQpUUMV3Yk7XPG6DE2zQNGfxG
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Necessary Links::
Quora:: https://www.quora.com/profile/Gaurav-Bansal-16
Facebook:: https://www.facebook.com/bitcoinbasics.club/
Linkedin:: https://www.linkedin.com/in/gauravbansal2/
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DISCLAIMER:
All Cryptocurrency (also referred as Virtual Currency or Digital Asset) recommendations and comments are the personal opinion of Mr. Gaurav Bansal.
Investors should be cautious about any and all Cryptocurrency recommendations. Various factors, including personal ownership, may influence or factor into analysis or opinion.
All investors are advised to conduct their own independent research into individual Cryptocurrency before making a purchase decision.
The content in this video is provided for information purpose only, without any representations, warranties or conditions of any kind.

Bitcoin News #2 | RBI Bitcoin Crypto Ban After 5th July | cryptocurrency tax taxation India ITR

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