Is profit from Miner is legal

[sunny163]

Hello if i mine in Gujrat and the bitcoin generated from mining work can be treated as white income ?

[shishirmba]

Yes, it is absolutely legal. It is your hard earned income. I am wondering whether you are mining? Let me know if you are already mining. Feel free to PM me.

[Mr. Kashif]

Completely legal. Right now I have my own farm at my place and its running well. No issues.

[bitcoinisfurture]

Yes any income earn and tax paid on that is totally fine. But only thing is that  you need to show as the income earned from mining.

[Mr. Kashif]

Lol! you dont need to show anything man. This is your asset you get to keep it.

[savioroshan]

Yeah it's completely legal. You can mine bitcoins in India. Yeah there are some regulations for foreign currency trade. Infact you cannot do that in India. It's unbailable offence. But think about bitcoin. Since bitcoin is mined in India there is no question of foreign currency. It will become a Indian product. So bitcoin is  completely legal in India. You can trade it with Indian currency since its mined in India and another thing it's not legally considered as money.  So problem in mining bitcoins in India and using its profit. But the real question is it profitable to mine bitcoins. Before mining you should check the per unit price of electricity of the state you are living. All the best for your new mining venture.

[nizamcc]

Lol! you dont need to show anything man. This is your asset you get to keep it.

Wait! What?
You said we don't need to show anything? You may be correct in the case of not showing out mining assets, but the source of income needs to be shown as in the end, you are going to convert your coins to fiat currency and remember, that it will be taxable based on how much income do you make.

[bitcoinisbest]

Lol! you dont need to show anything man. This is your asset you get to keep it.

Wait! What?
You said we don't need to show anything? You may be correct in the case of not showing out mining assets, but the source of income needs to be shown as in the end, you are going to convert your coins to fiat currency and remember, that it will be taxable based on how much income do you make.

I think even mining assets needs to be show because that become your asset on balance sheet and will have a depreciation and can be claimed.  It will also require a wear and tear as a part of maintenance which will go under Expenses part of it.

[rajasumi2]

Yes it is totally legal and you dont have to worry about ot at all .whenever you have a high profit , dont forget to pay the taxes which is very inportant.

[btcdevil]

Lol! you dont need to show anything man. This is your asset you get to keep it.

Wait! What?
You said we don't need to show anything? You may be correct in the case of not showing out mining assets, but the source of income needs to be shown as in the end, you are going to convert your coins to fiat currency and remember, that it will be taxable based on how much income do you make.

I think even mining assets needs to be show because that become your asset on balance sheet and will have a depreciation and can be claimed.  It will also require a wear and tear as a part of maintenance which will go under Expenses part of it.

Everything have to been shown in the tax, the mining equipment electricity used on the process and expenses occurred in mining and out come of this mining and then converting them to fiat currency , like this you have to split everything and then at last what profit you earn will be as your mining profit and you have to pay tax on that according to your income statement.

[Smarty14392]

Bitcoin mining is offcourse legal.
Mining bitcoins means using the algorithm of your CPU/GPU/ASIC miners to mine coins. In mining the miners solve the algorithm and get rewarded. It is offcourse legal and is counted as a white money.
You can also give the transaction history in your Audit.

[Esphere.in]

Hello if i mine in Gujrat and the bitcoin generated from mining work can be treated as white income ?

There is nothing illegal in generating bitcoin and you just need to file these things with the income tax department if you are earning a huge amount of money mining or trading coins,hope the government will have a create definite law regarding this pretty soon.

[ziyauddinmomin1@gmail.com]

If you mine BTC ..
That means
You waist your time and money also