Bitcoin holders being taxed in India

[1993jochico]

If this is true, there will be less trader in that country and can affect the market.

The government is planning to do it but they dont know how to track them. The governments need to study about blockchain then they will understand how it can used for betterment of society. The taxation will be according to the person's tax bracket.

Hope they will aim for the betterment and they will not aim to get a profit from traders, we all know the risk of trading not every traders get a big income.

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[hubballi]

If this is true, there will be less trader in that country and can affect the market.

The government is planning to do it but they dont know how to track them. The governments need to study about blockchain then they will understand how it can used for betterment of society. The taxation will be according to the person's tax bracket.

Hope they will aim for the betterment and they will not aim to get a profit from traders, we all know the risk of trading not every traders get a big income.

You are wrong if bitcoin and other cryptocurrency trading is taxed in India, then it is very good news as now peoples can use bitcoin freely as it is taxable means it is legal and traders can start accepting bitcoin and other cryptocurrency as payment option. This will also boost the economy of India as their will be extra cryptocurrency tax collection to Indian government.

[airdnasxela]

I think this is a hoax. I never seen this kind of news before anywhere and I think this will never be true,as from what I know and what we all know.  We all know what the nature of bitcoin is. It is a decentralized currency and one of the reason it was created is die it to be a very convenient way in a transaction method and one of its features is it is tax free. So it is very impossible for me for bitcoin to be taxed.

[xfaqs01]

I think this is a hoax. I never seen this kind of news before anywhere and I think this will never be true,as from what I know and what we all know.  We all know what the nature of bitcoin is. It is a decentralized currency and one of the reason it was created is die it to be a very convenient way in a transaction method and one of its features is it is tax free. So it is very impossible for me for bitcoin to be taxed.

i agree, the govetnment can only tax the exchanges and establishment that uses bitcoin, but to tax the individual seems to be impossible, thats the farthest the government can do when it comes to taxation regardless of what country would it be.

[COINCOLA.COM]

India has severed tax issues already, this may just be a temporary fix for a complex leakage.

[altercreed]

That's how it's going to be when government will regulate cryptocurrencies. Regulating cryptos give government a bridge to intervene between investors and the blockchain which means an expected tax of crypto earnings will be implemented.

[felicita]

Lets wait how much exchangers are really paying a fee in India XD
Be course india is one of the most corruptest country's i ever visited


regards

[Kez1817]

   If this is true that bitcoin holders Being taxed in India is good to help the economic situation of their country and people their will now have a lot of trust in bitcoin because their government regulate it. But the sad is the decentralized of bitcoin will be lessen.

[kotajikikox]

Now in India, profit from bitcoin trading will be heavily taxed. Notice for ₹ 0.1 M tax to be paid has been issued to bitcoin holders in India.

Source:
http://www.timesnownews.com/business-economy/economy/article/india-income-tax-department-cryptocurrency-bitcoin-investors-worry-over-1-lakh-it-notices/196379

Oh really but a surprise for this news because it been a long long time discussing herein forum about bitcoin taxes, each country want to implement collecting taxes from the cryptocurrency, thats why the government of each ciuntry are want to regulate bitcoin.

This action of idian government is scary for the bitcoin holder putting heavily taxe aren't fair for the holders that one of the reason people they don't want bitcoin become regulated because possible to abuse the authorities.

[@Mhaiang]

That may be hurting some indian investors especially the small time investors. But regulating it are also giving investors security as far as their money is concerned, in my opinion.

[DennyPen]

Very strange that India comes with it, as it's not really a developed country. However, how many people will pay that taxes? It's not easy to control that.

[CryptoGosu]

India has strict regulations, but at the same time, the government does not mind earning a tax and, therefore, it does not dare to completely ban Bitcoin.

[mandira]

i guess india is one of the biggest countries that used to use btc.. now they ban it.. lets hope btc price wont go lower

[ansarose1]

no doubt about this statement, because in the first place bitcoin was banned in india. They usually have strict regulations against bitcoin and cryptocurrency, and this is not good in the side of indian investors, traders, and bounty hunters. But i think every crypto enthusiast in india hopes that bitcoin would be fully legal in their country, so that they would be able to invest with a good profit.

[thankyoulord]

i dont know how true this is because i have not seen any concrete information about india taxing bitcoin holders and traders. please provide us with a source and more information to confirm what this.

[Bitfling]

I think its good if we are paying taxes from our profits not from our trade. If we paying taxes from our profits, its like earning taxes and i think its fine. If government start collecting taxes from cryptocurrency, government should regulate cryptomarket on their country and i think its good for crypto community in the country

[celot]

India have stop for using bitcoin not only for transaction but also for investing, last month India have banned many bitcoin exchange and many bitcoin investor at India have sell their asset and make bitcoin price drop.

[bvg96634]

The fact that you don’t have to declare crypto in the airport seemed to awoke them and they started making taxes…wonderful. But no surprise

[EddieCristain]

at this time nayone hold bitcoin is dead soon.

[Tahir460pk]

As i read here few time before that the indian government has be stopped and banned crypto currency by this act alot of indian investors are disturb and now listening that government being tax from bitcoin holder its good step in such way more ways open from bitcoin.