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Taxation of Virtual Digital Assets /cryptocurrencies

Scheme for taxation of virtual digital assets

  • Specific tax regime for virtual digital assets introduced.

  • Any income from transfer of any virtual digital asset to be taxed at the rate of 30 per cent.

  • No deduction in respect of any expenditure or allowance to be allowed while computing such income except cost of acquisition.

  • Loss from transfer of virtual digital asset cannot be set off against any other income.

  • To capture the transaction details, TDS to be provided on payment made in relation to transfer of virtual digital asset at the rate of 1 per cent of such consideration above a monetary threshold.

  • Gift of virtual digital asset also to be taxed in the hands of the recipient.

Source : PIB

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