Anybody here successfully filed IT returns with bitcoin gains?

[yingyang8884]

One of my friends has received some very good returns on his ETH. We discussed about how this should be declared for tax purposes.

Since India hasn't classified what kind of an asset crypto is, we looked up to next best thing, USA regulations. USA says crypto is a capital asset.

In India if you buy & sell capital asset within 3 years period, it is short term capital gain. If difference between buy & sell date is more than 3 years, it is long term capital gain.

STCG has 30% tax and LTCG has 20% tax.
So my friend decided to sell his ETH 3 years after the purchase date, so that he can pay 20% tax, instead of 30%

I think this makes sense until there are formal regulations.

I dont think regulations can be just copy pasted from one country to other. If thats the case, lot of other countries provide favourable regulations.
I guess netherlands or Swiss has the best one.
GErmany has a simple regulation, if Stored for more than 1 yr, tax free else 25 %.

[eXpl0sive]

One of my friends has received some very good returns on his ETH. We discussed about how this should be declared for tax purposes.

Since India hasn't classified what kind of an asset crypto is, we looked up to next best thing, USA regulations. USA says crypto is a capital asset.

In India if you buy & sell capital asset within 3 years period, it is short term capital gain. If difference between buy & sell date is more than 3 years, it is long term capital gain.

STCG has 30% tax and LTCG has 20% tax.
So my friend decided to sell his ETH 3 years after the purchase date, so that he can pay 20% tax, instead of 30%

I think this makes sense until there are formal regulations.

I dont think regulations can be just copy pasted from one country to other. If thats the case, lot of other countries provide favourable regulations.
I guess netherlands or Swiss has the best one.
GErmany has a simple regulation, if Stored for more than 1 yr, tax free else 25 %.

Fair point, but have those countries put crypto into any defined category?

USA has officially put crypto under capital asset. Which other countries have officially categorise it?

[cuddaloreappu]

i earn 1 btc per week and cashout every sunday and i dont and will not file IT gains , go and do wat u want to do

Are you telling this to me/us or the government.. every selling  you do  and the money deposited is through the bankand IT dept will have a log on your transactions..

So how can you even think of evading tax

[Blackshadow007]

i earn 1 btc per week and cashout every sunday and i dont and will not file IT gains , go and do wat u want to do

Are you telling this to me/us or the government.. every selling  you do  and the money deposited is through the bankand IT dept will have a log on your transactions..

So how can you even think of evading tax

He still didn't understand the Modi era . 

[niisarearning]

I did not fill IT returns till now even i dint think about paying income tax on bitcoin earning i got some message for my TDS i think bitcoin deposit also reflected in that i am not sure. I need to consult proper auditor to make calculation before filing IT returns.