Gains from virtual currencies are taxable

Based on the holding period, you have to pay short-term or long-term capital gains tax

Tinesh Bhasin 

While virtual currencies like Bitcoin are gaining popularity, there is still lack of clarity on how they should be taxed. Many buyers of cryptocurrencies, therefore, don’t pay tax on the gains they make on selling them. Software developer Pawan Bharti recently sold Bitcoin worth Rs 55,000 after his investment doubled in within three months. In the last week of July, one Bitcoin was around Rs 1.74 lakh. Recently, it has gone over Rs 3.85 lakh, an appreciation of over 121 per cent. The virtual currency, however, can be bought in smaller units. “Neither my friends or I am ...

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First Published: Thu, October 26 2017. 00:53 IST