Crypto Asset: How you may save 10% tax on long term capital gains by March 31
Recently while presenting Budget 2022-23, Finance Minister Nirmala Sitharaman said that the transfer of digital assets, including Crypto and non-fungible tokens (NFTs), will be subject to a 30% tax. In regard to this many financial experts shared their thoughts on this.
What the FinMapp experts are saying
“Hodling is the best strategy to generate considerable wealth in the crypto market, which is extremely volatile and not friendly for retail investors with a short term view. Now that the Government has decided to tax over the crypto gain @30 %, it will be interesting to know how the Crypto gains will be taxed in the running fiscal year as there is no blueprint for the same,” said Pramod Chandrayan, Co-Founder & CTO, FinMapp.
While presenting Budget 2022-23, Finance Minister Nirmala Sitharaman said that the transfer of digital assets, including crypto and non-fungible tokens (NFTs), will be subject to a 30% tax. Furthermore, all transfers of such assets will be subject to a 1% tax deducted at source (TDS). Even gifting such assets will result in a 30% tax.
