Finally, income from cryptocurrency to be taxed at 30%

In a major announcement, the finance minister Nirmala Sitharaman said in her Budget speech that any income from virtual digital assets will be taxed at 30%.

She also added that any loss from virtual digital assets can't be set off against other gains.

The FM said that gifts of virtual digital assets will also be taxed in hands of the recipient.

The Budget was expected to bring some clarity on cryptocurrency transactions and their tax treatment.

A crypto taxation framework will bring clarity and boost investments in cryptocurrency.

Crypto transactions have seen an exponential rise in the last one year amid discussions over whether to ban them completely or allow them in some form.