‘Crypto Is Legitimate or Not Will Be Decided Later’- Indian FM Sitharaman

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In an interview with Times Now, Indian Finance Minister Nirmala Sitharaman cleared the air around the Government’s plan to regulate cryptocurrency. ‘Whether crypto is legitimate or not will be decided later. But they’re taxable; that’s my prerogative,’ she said.

Timeframe for Crypto Regulation In India

On Thursday, Sitharaman highlighted the concerns regarding digital assets and their future in India. Replying to a question about banning cryptocurrency in India, Sitharaman said before hurrying over any decision, we need to wait until the consultation is over, and it may take some time.

In a big move to bring digital assets transactions under the tax bracket, FM Sitharaman, on February 4, presenting the Union Budget 2022-23 in Parliament, announced that any income from the transfer of any virtual digital asset shall be taxed at a rate of 30%.

“No deduction in respect of any expenditure or allowance shall be allowed while computing such income except cost of acquisition,” she added. 

Sitharaman also announced the imposition of 1% TDS on payment made concerning the transfer of virtual digital assets. In addition, “the gift of the virtual digital asset is also proposed to be taxed in the hands of the recipient,” she further added. 

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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