Good luck with the sales buddy , Vouch for this user trusted and fast delivery for his products.. I may come back soon for 1 tea bag purchase ..  |
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I Just came to know that India has banned ₹ 500 & ₹ 1000 denominations. I am very happy that BJP government is taking such good steps.
My question is that if i cash out around 10 BTC ~ ₹6-₹7 Lakhs every month in my account by trading BTC then will i have to pay income tax? will Income tax people jail me? Am i doing illegal thing? I have been living in Thailand and there is no such problem.
I am very much confused , i trade BTC for ₹ on Localbitcoins and i accept Immediate Payment Service (IMPS), so there is chance that some people may be using black money to buy BTC and in that case if i sell them then i will come under suspicion? Any one here who knows , what are Do's and Dont's?
Is my way of cashing out is money laundering?
This is very serious problem.
You will have to pay income tax if you receive above 2.5 lakhs per year in the form of salary or any other income sources. Also, if you trade such big amounts, they might ask you the source of income and other questions to check if it's legal and allowed. Never trade with users on LBC for INR as most of them are fraudsters and send hacked funds. You might lose all that money as BTC is not reversible while any form of INR is. People who have received such hacked money get into trouble and their bank account gets freezed. cud you explain more about hacked funds? hacked funds simply those who hack other's Bank account via lets say social engineering fraud / Remote administration Trojan and then use those funds to transfer to others . When original owner detects his/her loss then he/she reports to his bank and bank does freeze that account and reverse all the payment made through it and the receivers may get call from Bank or cyber crime department for questioning .. |
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Good points .. be careful when you deal in LBC .. and if you want to check horrific examples then check here >> https://bitcointalk.org/index.php?topic=598776.0If you wanna trade for Bank in LBC then i suggest mark your ad for only Verified and Name verified users to contact you . Also if you notice any suspicious movement from your customer ask ID proof . Do not accept third party transfers ever .. Also as per Govt. inquiry i am also curious about the questions you asked , I am also not sure how to pay TAX etc .. but i guess the trade of big FIAT currency will attract tax for sure , so i guess you should consult with a professional CA regarding this matter , i am also searching for a good CA who is experience in this matter .. Some of my friends do BTC Trade with huge amounts and they has their personal CA to maintain filling tax and returns so i guess there is of course a way to file tax in India for this . If you find the answer to my question then let me know. My question is still unsolved. Can any Indian Pro Trader answer it? First question yes you have to pay Income tax when you deal such amount in every month , it will obviously trigger income tax department to look into your transactions . They will ask you about it and source of income for this much heavy transactions and also your bank will also ask about it . BTC is neither legal nor illegal at this point in India . Govt. didnt approved it officially also they didn't implemented any rules about it too . But when you deal such amount FIAT INR in your bank you raise questions for sure and to know in depth about it you have to consult with a good CA / TAX LAWYER . As far Benson Samuel told me that it may need to file as Capital gains income for now until GOVT. implement any rule for it . Proper way to do it get yourself Current account register an individual Propitiatory firm/Partnership Firm and discuss with a good Tax lawyer / CA about it . Second question , i don't think people can put black money into their bank and transfer IMPS for buy btc due to strict inquiry in place now in India but still its risky and yes its not impossible too .. for example let say a user divided his black money among many people's bank account and then those people trade in LBC for BTC then its impossible to detect them but if IT dept. catchs the culprit and seize his bank account then i don't know surely but it can reverse the payments linked with Black money and as you receive you may be called for questioning regarding relation with that user . I repeat i am not sure about this totally may be some more Pro traders shade light on this matter here , but yes there is still risk involved to deal at this moment , Also Do not receive CASH DEPOSITS at this moment cause that can risk direct involvement of black money to your account and may cause future issue . Safest thing to do in LBC right now face to face deals .. get Cash in hand new notes and exchange BTC with customer . |
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that was a quick one. got the codes within minutes. applied it and here is what i get  very responsive in answering my questions. thanks again! |
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Just bought 4 from this seller and they all applied great.
I will probably buy some more tomorrow for a friend.
He has great communication and gets back to you with any questions.
Thanks for your purchase buddy okay. done. here is the snapshot
here is the transaction slip.
I saw an order placed in selly by adaxxxxxxen7@gmail.com , if its you then you need to wait until it confirms in bitcoin blockchain and then you get codes automatically delivered to your email address which you entered during purchase .
EDIT : Codes delivered to your mail address automatically which i can see in selly . Check now please .
Please post feedback in selly and here after you get the codes ..
Thank you for using my service . STOCKS LIMITED : ONLY 13 CODES LEFT NOW .. GET ASAP BEFORE ITS SOLD . |
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I am looking for arbitrage opportunities. Does anyone know if FEMA allows bitcoin purchase internationally? and/or any bank in India does forex remittance for bitcoin purchase?
I was in USA for few years and do have a personal USA bank account, a Circle.com ($300/week limit) account, a verified bitstamp.net account. Also, my friend in USA is willing to create GDAX account for high value bitcoin purchase. The only thing I need to figure out now is outward remittance from India to either my own USA bank account, or friend's USA bank account or Bitstamp account.
I have gone through Liberalised Remittance Scheme and also FEMA and seems payments for purchase of assets up to $250,000 per year are allowed for some categories. Not sure if bitcoin could fall in any of those categories. I have also went to my bank and their only response is we are verifying with our back-end team.
Is there anyone who has successfully bought bitcoins internationally or know how to properly do outward remittance from India?
Will be willing to give out some BTCs for concrete help with outward remittances.
Am posting a PM sent to me with permission from the author. This may explain some complexities. Have received many more cases like this over the past weeks. Hey,
Due to the ridiculous price of BTC in India I was looking to buy some on OKCoin as I already have a level 2 account there. The only issue is that they take deposits in Perfect Money which requires a SWIFT transfer. I wanted to know if you have had any luck doing a SWIFT transfer to anywhere to buy BTC before? The guys at my bank are clueless.
The guys at the bank are treating me like I'm laundering money lol.
Cheers,
XXX
This is very tough to do. I assume small amounts with trusted sources may be possible through alternatives like paypal, but very tough through conventional banks. I am also interested to know about the SWIFT Transfer to international processors like Perfectmoney / OkPay / and Popular Bitcoin exchanges like Kraken / BTC-E , Never done before as Local Bank personals are horrific and i am scared that if i go to bank for a request to do this , they might think me as suspicious money Launderer , its really hard to make them understand about the situation . I once experienced when i withdraw from Solidtrustpay , Bank called me for the incoming wire transfer declaration and i did have to go through a hell lot questionnaires and documentation . Thank god that i had private bank and not a Govt. bank otherwise it could be more pain in the As* for me anyways i completed declaration successfully and then took an oath that i will never deal with Wire transfers again lol .. but i am also curious how all this happens .. specially for the outward remittance rules for an Indian . |
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Didn't know about this site before .. this is nice really . Now bookmarked this |
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Hello, Great to hear from you. We will stay in Mumbai for the Conference, www.blockzero.xyz. So we are not sure is we will go other city. Will you join this conference? Benson was the first person to have accepted bitcoins in India and the one who introduced it to India, so I think he will definitely be there. I know about many bitcoin companies like Zebpay, Trybitcoin who are growing at a higher pace and you might possibly visit them to have your business discussed. +1 Indeed Benson has a good knowledge about this as he is the first person to have accepted bitcoins in India .. Also OP you must take coinsecure into consideration for visit , i am sure that will help you for your business inquiries a lot . |
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I Just came to know that India has banned ₹ 500 & ₹ 1000 denominations. I am very happy that BJP government is taking such good steps.
My question is that if i cash out around 10 BTC ~ ₹6-₹7 Lakhs every month in my account by trading BTC then will i have to pay income tax? will Income tax people jail me? Am i doing illegal thing? I have been living in Thailand and there is no such problem.
I am very much confused , i trade BTC for ₹ on Localbitcoins and i accept Immediate Payment Service (IMPS), so there is chance that some people may be using black money to buy BTC and in that case if i sell them then i will come under suspicion? Any one here who knows , what are Do's and Dont's?
Is my way of cashing out is money laundering?
This is very serious problem.
You will have to pay income tax if you receive above 2.5 lakhs per year in the form of salary or any other income sources. Also, if you trade such big amounts, they might ask you the source of income and other questions to check if it's legal and allowed. Never trade with users on LBC for INR as most of them are fraudsters and send hacked funds. You might lose all that money as BTC is not reversible while any form of INR is. People who have received such hacked money get into trouble and their bank account gets freezed. Good points .. be careful when you deal in LBC .. and if you want to check horrific examples then check here >> https://bitcointalk.org/index.php?topic=598776.0If you wanna trade for Bank in LBC then i suggest mark your ad for only Verified and Name verified users to contact you . Also if you notice any suspicious movement from your customer ask ID proof . Do not accept third party transfers ever .. Also as per Govt. inquiry i am also curious about the questions you asked , I am also not sure how to pay TAX etc .. but i guess the trade of big FIAT currency will attract tax for sure , so i guess you should consult with a professional CA regarding this matter , i am also searching for a good CA who is experience in this matter .. Some of my friends do BTC Trade with huge amounts and they has their personal CA to maintain filling tax and returns so i guess there is of course a way to file tax in India for this . |
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 So the fun time over .. back to reality now slowly for India .. well i must say enjoyed a lot during the price hike .. Thanks to Moneypolo gave me clean path to enter to btc-e with sweet rate and then come back to my favorite coinsecure for sale  Enjoyed while it lasted ... now hope the original BTC price hikes to 800$ then another enjoyment starts .. you crazy guy price is still hiked its still 100$ above market rate. Do explain me how you purchased from BTC-E I would like to do the same ... I bought some coins via paypal yesterday at cheaper than today's price ... Simply register at Moneypolo , Get yourself verified , Get physical VISA CARD for 15$ for withdrawal at local Indian ATMs , Then deposit with your debit card [ 4% + conversion rate INR TO USD ] then generate BTC-E Code in your moneypolo wallet 1% fees and then Deposit to BTC-E with 0% fee and enjoy BTC . Remember their verification is very hard , to get yourself Level 2 verified you need to video chat with their verification team , i am Level 2 verified in Moneypolo now and its quite amazing and fast and legal . cheers Most amazing thing is the VISA Card , i tested and it withdraw flawlessly in Indian ATM remember per withdraw charge is 3.5$ so withdraw big only .. per day limit 2000$ max . |
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You will buy at preev rate and sell it at Indian coin exchange for ₹63k. Nice tactics  But Won't work here. Thanks, I will learn from you. from now on i'll buy at indian exchange rate and sell at preev rate. joke apart..... I am looking for investing in bitcoins and indian exchange rates are too high at the moment. upto 25% premium. well if you want to try International exchange then you must have to pay some fees 5 - 6% at least , lowest and fastest official way is Moneypolo to BTC-E then BTC-E to Indian exchange but you need to be verified member of it Thanks, Will get my Mneypolo account verified and wait for the next opportunity for arbitrage. once the price hits 60k+ opportunity starts |
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Deciding on whether or not to buy one now...hey OP, you said I should PM you? I just got a message from you saying you stocked up, which brought me here now Regardless, I'll update this thread (since it is unmoderated) to let others know if this is legit! Well if you wanna purchase you can get it from selly and get auto delivery upon purchase .. and sure please post review of my service once you get experience of it .. thanks for your interest and time sir Price reduced 15$ to 12$ Also .. 8X STOCKS LEFT NOW , JUST SOLD 8X COUPONS .. |
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So the fun time over .. back to reality now slowly for India .. well i must say enjoyed a lot during the price hike .. Thanks to Moneypolo gave me clean path to enter to btc-e with sweet rate and then come back to my favorite coinsecure for sale Enjoyed while it lasted ... now hope the original BTC price hikes to 800$ then another enjoyment starts .. you crazy guy price is still hiked its still 100$ above market rate. Do explain me how you purchased from BTC-E I would like to do the same ... I bought some coins via paypal yesterday at cheaper than today's price ... Simply register at Moneypolo , Get yourself verified , Get physical VISA CARD for 15$ for withdrawal at local Indian ATMs , Then deposit with your debit card [ 4% + conversion rate INR TO USD ] then generate BTC-E Code in your moneypolo wallet 1% fees and then Deposit to BTC-E with 0% fee and enjoy BTC . Remember their verification is very hard , to get yourself Level 2 verified you need to video chat with their verification team , i am Level 2 verified in Moneypolo now and its quite amazing and fast and legal . |
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Always coinsecure , no question about it ... i was previously Unocoin's customer but there is huge gap between unocoin and coinsecure , so i am glad i moved from it .. now very happy with Coinsecure as they are fastest in both withdraw and deposit also the price difference .
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Price was inflated because of demonetization, but now it seems everything going back to normal.
I don't think so yet .. there is still 1 month to cover the cash issue in India .. so there is a chance to rise in Mid Dec or may be end Dec .. Yes, you are right ! I guess that we can see price boost again in 1-2 weeks But, people sold their btc at zebpay and other platform at high rates and capitalized the moment, that's why demand for btc got decreased, and due to this we are seeing the price drop. well one thing i dont understand Unocoin still 60k+ lol .. almost 61k .. such a big gap with other Indian exchanges .. |
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That's the reason I prefer buying at international exchanges and selling at Indian exchanges due to the rate difference.
How do I, as an Indian, buy bitcoins from international exchange? I dont think its feasible and possible as easily if you want to buy from International market as there are various procedures that yu need to get cleared from banks etc. Also it takes days and not instant. If there are any experts or who know who can individual from Indian bank account trade international kindly throw some light? There is only one easy way to do that and that is Moneypolo , Great service and provides VISA Card to Indians and also you can upload funds via your VISA/MASTER Debit card to it and generate BTC-E Code from your balance . To do all this you have to go through a hell tough verification by Moneypolo .. I warn you before this if you taking this into consideration ... A serious tough verification process they have . I am now Level 2 Verified customer of Moneypolo and i am quite happy cause now i can easily buy from BTC-E instantly with 5% all total fees and sell to any Indian exchange and make handsome profit . Upload money to Moneypolo via card charges 4% and when you generate BTC-E code with your moneypolo balance another 1.25% so total 5.25% and 2.5 currency conversion rate ( currenty 71.25 INR per $ ) , Moneypolo legal and registered with FCA . Most amazing thing you can withdraw bitcoin to your ATM with their VISA Card [ 15$ cost per card takes 20 - 25 days to reach for Indians ] By the above calculation effective USD rate is 75 USD/INR BTC @ 730 USD/ BTCtranslates to 54750 INR/ BTCno arbitrage opportunity at this rate Not now .. it was sweet when price was 60k+ .. i got price of 71INR per dollar and 5.25% addition to cost of purchase from BTC-e ... so yes enjoyed a lot during those days . |
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So the fun time over .. back to reality now slowly for India .. well i must say enjoyed a lot during the price hike .. Thanks to Moneypolo gave me clean path to enter to btc-e with sweet rate and then come back to my favorite coinsecure for sale Enjoyed while it lasted ... now hope the original BTC price hikes to 800$ then another enjoyment starts .. |
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I still feel bitcoin is a tax free thing.
That was the whole point of the creation of Bitcoin .
If you guys keep acting like pussies then maybe the government will start regulating it no matter what.
The thing is people need to stand up against the evil the government do.
If no one pays tax and everyone shifts to bitcoin what are they going to do ?
So how you sure that its tax free in India .. its still unclear to me how to pay tax for btc trades .. :/ i use personally coinsecure .. so when i file tax what income i mention ? and do i need to submit btc transaction details .. please can someone point me to a good CA who expert in this matter .. :/ |
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Price was inflated because of demonetization, but now it seems everything going back to normal.
I don't think so yet .. there is still 1 month to cover the cash issue in India .. so there is a chance to rise in Mid Dec or may be end Dec .. |
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