Lagatar24 Desk
New Delhi, Feb 1: The crypto tax regime in India has finally arrived. Finance Minister Nirmala Sitharaman announced in her Budget Speech 2022 that income from the transfer of virtual digital assets would be taxed at 30%.
She further stated that no set-off will be allowed in the event of losses. Furthermore, gifts of virtual digital assets would be taxed in the recipient’s hands. For crypto investors, the declaration of a high tax on cryptocurrency profits is a huge disappointment.
Earlier, FM announced that digital rupee will be issued using blockchain and other technologies by RBI starting 2022-23.
