Bitcoin Forum

Namaskar Doston.
I am an Indian studying in 12th standard ( Arts stream ). I have 3 BTC and i want to cash it out to my bank account? I think 3 BTC will be 3*2.8 = 8.4 Lac in INR. If i cash put then will police catch me? I initially had 0.37 BTC and i gambled and gambled on cloudbet and managed a total of 3.04 BTC.
Is it legal for me to cash out? How do i cash out? will i have to pay any tax? How i pay tax for it? I am student and i don't know much about tax , how and where to pay.
Please guide me, i am hoping to take admission in good college in india for my Bachelor.

Dhanyawaad.

You can sell it on zebpay, you need a pan card for the same and any Indian can get a Pan card irrespective of AGE.
you have to pay tax on it as it is your income
my suggestion dont sell it in one go and sell yearly so that you stay under 2.5 lacs/ yea limit for filing ITR,
or u can take help of your friends , parents and sell it through thr account
or sell it for cash but do make transactions at a public place and dont transfer btc until u have cash in hand and counted.

I have withdrew the idea of selling my coins and am thinking on trading them , currently they are worth 13000$ and i am thinking to start trading to take it to 1 MIL.
What you think? is it a good idea?

yeah $13000 to $1000000   sounds great but very very difficult and unrealistic.
$13000 to $ 0 is possible too as being greedy makes you take reckless decisions. good luck

lol the fear that police will catch him! he is definately in 12th lmao!
Man sell on local bitcoins! for cash goodluck. And dont sell all

I would not recommend u to sell, instead u can trade them on popular exchanges doing systematic investment and when u grow up, may be adult and have ur pad card and other details u canvery well withdraw them, selling is something which i dont recommend. u can buy eth, neo, ltc and diversift your investment.

1. Gambling is very immature and you will end up losing your money
2. You can sell coins through indian exchanges such as CoinSecure, Unocoin etc.

Sell the amount of bitcoin enough about what money you want and try trading with that you can loose and will not affect you mental power.
p.m me i will tell you about tax.

can i ask question
how you got initial 0.37 BTC ?  to invest in btc ,

Approximate how many years its takes to convert 0.37 into 3 its about 10x
It will be a success story for us

I think localbitcoins is your best bet, sell there and definitely do not sell in one go. Maybe sell  in chunks of 50 to 100 K at once in a month.

I sure that you will get good buyer at localbitcoin with cash payment options in your location, so can do the deal there with cash before doing anything be careful.

I would suggest to use a mixer first before sending it to an exchange.

use zebpay for legal and quick way to sell your bitcoin. use your saving account and you don't have to pay taxes on this small trading income.

i personally recommend you to sell the coin one by one in steps in any exchabe..there are loys of exchange availabe in the india like unicorn zebpay coinsecure btxindia all need pan caed verification except localbitcoin...coinsecure is very good you can sell coin of small margin like 30000/- per week and you are good to go from income tax radar...hope you will get your answer ..if not please let me know...thanks

Yes!!  you can sell them from my point of view you can sell them by using blockchain or zebpay wallet or any other wallet but in zebbay wallet you should have pancard details and bank account details over it but in blockchain their you should have account only on that platform but you should take care about gst and whatever the tax pay conditions over their you should sell them by giving a period of time intervals over them and collecting the bucks from the bank account because of the tax pay authorities.
||Best of Luck||

dear rakesh,
if you are over 18 years and have valid PAN card and bank account (or talk to your family members ) : you can register on sites like Zebpay, Unocoin  and many more. and transfer all money securely to your bank account and pay taxes later at the end of financial year, you also contact your CA for that.
or you can alson try local bitcoin (just google it)
dont just sell all of them at ones, always first send a little amount to confirm everything is okay.

Install unocoin wallet in your mobile login and verify your wallet and you want to sell sell it. about tax when you earn then pay tax that means when you get money in your bank account then meet any CA in your town. but my sujjesion is if you have very very important work then sell BTC other wise don't sell bitcoin is growing very fastly hold it.

Playing in gambling and trading both are different options, in gambling you were lucky so turned your investment in good profit, but if you going for trading in bitcoins then you have to keep more patience and if get stuck in high buying price then dont panic and leave the buy coins with you but dont sell on loss as in future you will surely get more better price to sell on profit. If you can see todays price is 7000+ usd rate which is more then double of your coin value .

Thanx friends now i am thinking to invest all my btc in eth and altcoins and will not sell until i get in aome good college.

Hold some BTC, sell some on unocoin/zebpay and sell some on localbitcoins for cash according to your needs . my suggestion hold more BTC for future, prices may go high.

Dear Friend,
Don't sell all your BTC. Hold some, BTC will be raging up again once the festive season is over. Sell part of the BTC in Zebpay, Coindelta etc., use that fund to buy some alt coins. Do your own research too.

These indian exchanges suck , payout very slow , KYC takes ages

best place to sell is localbitcoins

How much is your investment now ? Did you sell some or invested all the money in alt coins.

I believe you can sell them at local exchangers and you can also pay the income tax being a good citizen.

I am curious what he did and what he's worth now ;)

Oh my I hope this will be me one day with few bitcoins lying around wondering what to do. Anyways what did you do with them OP?

HODL 1 btc and wait for on it till the moon.
Remaining you can invest in interesting alts that are backed by good technology and you should definitely see great returns in usd value. NEO, DIGI, STEEM, XLM, XEM, etc. Do your own research on it and all the best.

We can help. You in cash deal

Its a huge risk to deal in cash with 3 btc. It means roughly 20lac in cash is a huge risk. Also government are eyeing this bitcoin and related activities so you can even land in trouble. better to avoid cash and do it through banking channels and pay tax on it.