Cashing out to Rupees

[@Mkrish7]

Hey Guys,

Anyone have experience cashing out crypto without tax implications. My initial investment has grown 4 to 5 times and I think it's a good time to sell. Since Gov has not introduced any proper regulations, I don't want to go through legal issues years later. What are the best options I have.

My initial investment of BTC is now ETH and other tokens.

[tradingcrypto]

Depends on how much amount you have and your other sources of income. For ex. if your annual income is 10 lakhs and you're selling crypto worth 50k, then it's fine but if it's worth 10 lakhs, you might get questions. My suggestions is not to transfer all the amount in one account directly.

[akhjob]

I would suggest you use localbitcoins or Paxful where you can sell your BTC for Cash, RTGS and all other online payment methods. By selling in localbitcoins or Paxful you can easily evade taxation. Get some guidance from your Chartered accountant.
Being an Indian citizen myself, I wouldn't suggest you run away without paying taxes. But it's up to you to decide.

[stingers]

Hey Guys,

Anyone have experience cashing out crypto without tax implications. My initial investment has grown 4 to 5 times and I think it's a good time to sell. Since Gov has not introduced any proper regulations, I don't want to go through legal issues years later. What are the best options I have.

My initial investment of BTC is now ETH and other tokens.

If you don't want to pay tax on your trade, then sell it for cash. I personally know many traders in Delhi who would buy bitcoins of worth 50Lakhs/day in cash. But at the same time be very careful while doing a cash deal, do it at a safe place, safe for you and the deal.

The second option is selling it for bank transfer i.e NEFT(as IMPS has low limits), and then if it the amount is enough for it to make it tax payable, then pay taxes on it( consult a CA or just go through threads on Indian subforum, you'll get to know how the tax is supposed to be payed on cryptos).

If I were you, I'd have gone for the first option and saved some money on tax. Though I am not encouraging anyone to not to pay taxes or hide your money, use your own conscience and do what you feel is right.

[thomassaba]

try localbitcoins its safe

[Juzion]

localbitcoins is safe to sell for cash

[krishnaverma]

You can  sell on local bitcoins. But I strongly suggest you that you pay the taxes on the profit earned. With the recent government regulations regarding this, you will eventually get caught that can be very painful.

[Subal_Damudar]

Hey Guys,

Anyone have experience cashing out crypto without tax implications. My initial investment has grown 4 to 5 times and I think it's a good time to sell. Since Gov has not introduced any proper regulations, I don't want to go through legal issues years later. What are the best options I have.

My initial investment of BTC is now ETH and other tokens.

Simply use localbitcoins or localethereum or Remitano. Forget tax. Government does not fix light post and road pot holes even and they want tax!! Don't pay a dime to them.

[CountDuck]

localbitcoin or similar services should be the way to go

[ZodiacSwiss]

currently we dont have that provision in Indian Income tax. I will suggest it you do quickly. You can even pay tax on it. There is nothing wrong in it.

Or you can buy or sale in cash as well. Its your choice completely.

[saupam]

the best way is to sell it off on localbitcoins then going through any exchange. u can show any other reason then bitcoin, as tax is considered twice while transacting on exchanges, as bitcoin is classified under Property, taxation is on capital gain as well as income.

[newwest]

currently we dont have that provision in Indian Income tax. I will suggest it you do quickly. You can even pay tax on it. There is nothing wrong in it.

Or you can buy or sale in cash as well. Its your choice completely.

Govt has already clarified that if you are selling btc within 3 years of purchase then 30% on the profit will need to be as a short term profit. So you can easily sell on exchanges or to anybody and if you are gaining from the sale then pay 30% on profit and show in your tax filing . Else rest is upto you if you do not wish to do this legal way as suggested by government.

[jclick]

If you have small amount of bitcoin , it is better to make exchange personally and avoid un-necessary " Bitcoin " name to mention in Tax and make Alarm for future