Crypto is dead in India?

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Deal Subedar
Jarvis.-.

https://cdn0.desidime.com/attachments/photos/754602/medium/IMG_20220326_000346.jpg?1648234385


1% tds calculation : https://twitter.com/CryptooAdy/status/150691734...

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Community Angel Community Angel
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Now buy crypto and donate directly to self care fund of the fakeer

Deal Subedar Deal Subedar
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can a loss on same token from different trades be setoff?
For e.g- If i 1k in bitcoin and a week later sell it for ₹1200. now a month later i buy btc worth 1200 and than incurr a loss of ₹200. Now, do i have to pay tax on initial ₹200 profit?

Deal Cadet Deal Cadet
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Any assets where middle class can earn, will be taxed. Period. That’s happened because you have uncle’s running IT/Finance department, who only invest in GPF and undocumented properties.

Deal Newbie Deal Newbie
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tank_u_m8 wrote:

can a loss on same token from different trades be setoff?
For e.g- If i 1k in bitcoin and a week later sell it for ₹1200. now a month later i buy btc worth 1200 and than incurr a loss of ₹200. Now, do i have to pay tax on initial ₹200 profit?

Yes you have to pay tax for that 200 profit. No setoff

Deal Subedar Deal Subedar
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tank_u_m8 wrote:

can a loss on same token from different trades be setoff?
For e.g- If i 1k in bitcoin and a week later sell it for ₹1200. now a month later i buy btc worth 1200 and than incurr a loss of ₹200. Now, do i have to pay tax on initial ₹200 profit?

u make ₹200 – govt wants a share from profit
u lose ₹200 – its ur own problem 
u again make ₹200  – give govt 30% tax
u again lose ₹200 – u r bad trader/investor leave crypto market 

because of this volume in indian exchanges will die soon market makers will leave the market

Chennai Super Kings Chennai Super Kings
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It’s simple , don’t use indian exchanges smiley

Deal Lieutenant Deal Lieutenant
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shivrajsingh wrote:

@kukdookoo

Still planning for mining??

It seemd 1% TDS per trade.

paji the system was not for me
fm aur uske saathiyo ka dimaag khrab ha, next tax on cashback and instant discounts

Deal Lieutenant Deal Lieutenant
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Tanmayyy wrote:

It’s simple , don’t use indian exchanges smiley

if a person use foreign exchanges then no tds etc?

Chennai Super Kings Chennai Super Kings
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kukdookoo wrote:

if a person use foreign exchanges then no tds etc?

Yes on foreign exchanges no tds , exchnages like ByBit don’t even need your kyc details. You are free to trade as you want without giving any of your personal information to them. smiley

Deal Lieutenant Deal Lieutenant
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Tanmayyy wrote:

Yes on foreign exchanges no tds , exchnages like ByBit don’t even need your kyc details. You are free to trade as you want without giving any of your personal information to them. smiley

it department can’t track those?and when one sells crypto there and transfer funds to domestic accounts then also no issues?

Chennai Super Kings Chennai Super Kings
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kukdookoo wrote:

it department can’t track those?and when one sells crypto there and transfer funds to domestic accounts then also no issues?

Yes it department can’t track those as you can transfer money in and out of those exchanges using p2p. And since kyc details aren’t available on those exchanges tds can’t be cut either.

Community Angel Community Angel
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kukdookoo wrote:

it department can’t track those?and when one sells crypto there and transfer funds to domestic accounts then also no issues?

Why transfer in domestic deal in dollars ditch dying rupya smile 

Deal Lieutenant Deal Lieutenant
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Tanmayyy wrote:

Yes it department can’t track those as you can transfer money in and out of those exchanges using p2p. And since kyc details aren’t available on those exchanges tds can’t be cut either.

suppose foreign exchange abc, it will deal in dollars most probably.now when funds are trasnferred to that exchange how can that not be transferred? suppose transferred funds 10k. after 2 years it becomes 50k, when it is transferred back to account then will it go under income from other sources?

Deal Lieutenant Deal Lieutenant
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drupal wrote:

Why transfer in domestic deal in dollars ditch dying rupya smile 

but paji how will one transfer to foreign exchanges? it should be done thru local bank account only na?

Chennai Super Kings Chennai Super Kings
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kukdookoo wrote:

suppose foreign exchange abc, it will deal in dollars most probably.now when funds are trasnferred to that exchange how can that not be transferred? suppose transferred funds 10k. after 2 years it becomes 50k, when it is transferred back to account then will it go under income from other sources?

Yes you can mark it off as income from other sources as p2p works like this:
I want to take money out of exchange , you want to take money in exchange.
You transfer funds directly to my account , exchange takes funds that i have and transfers them to yours.

So there is no foreign party involved, ofc there are many methods in p2p too , like bank transfer, upi , paypal. But when you book profit no tds will be deducted and you can mark that as income from other sources.

Deal Lieutenant Deal Lieutenant
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Tanmayyy wrote:

Yes you can mark it off as income from other sources as p2p works like this:
I want to take money out of exchange , you want to take money in exchange.
You transfer funds directly to my account , exchange takes funds that i have and transfers them to yours.

So there is no foreign party involved, ofc there are many methods in p2p too , like bank transfer, upi , paypal. But when you book profit no tds will be deducted and you can mark that as income from other sources.

if i have to send my own funds there then will it come under the banking option of sending money abroad? if yes then it is fully tracked and user has to mention bank reason for that

Chennai Super Kings Chennai Super Kings
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kukdookoo wrote:

if i have to send my own funds there then will it come under the banking option of sending money abroad? if yes then it is fully tracked and user has to mention bank reason for that

No , you can do p2p with people from your own country. No need of sending money abroad , if you are still in doubt just use upi in p2p.

Deal Lieutenant Deal Lieutenant
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Tanmayyy wrote:

No , you can do p2p with people from your own country. No need of sending money abroad , if you are still in doubt just use upi in p2p.

what if one does not want to do p2p?then only option is to wire money abroad is us dollars?

Chennai Super Kings Chennai Super Kings
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kukdookoo wrote:

what if one does not want to do p2p?then only option is to wire money abroad is us dollars?

Yes

Shopping Friend Shopping Friend
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Tanmayyy wrote:

Yes on foreign exchanges no tds , exchnages like ByBit don’t even need your kyc details. You are free to trade as you want without giving any of your personal information to them. smiley

how abt binance?

Deal Subedar Deal Subedar
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Yes, crypto trading legally will almost be dead from April, considering the illogical f*cked up taxation laws for crypto. Indian exchanges will be affected most, due to loss of volume.

Unofficially, it will continue. Decentralised wallets and exchanges will come handy, alongwith P2P.

But will have to tread with caution from now on. Contrary to the popular thinking, crypto coins are one of the most transparent and open (public view) form of holding/transferring/exchanging wealth.

Deal Lieutenant Deal Lieutenant
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Tanmayyy wrote:

Yes

then it will come under purview of it because every foreign remittance is saved with them.

Chennai Super Kings Chennai Super Kings
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kukdookoo wrote:

then it will come under purview of it because every foreign remittance is saved with them.

Paaji just use p2p

Mobile Guru Mobile Guru
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Looks like this is a good time to load Crypto if charts are good. Almost all coins are priced very cheaply right now…
1 or 2 more fall and everything will be dead cheap…
Any views on this?

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