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My friend recently won CRED Jackpot of ₹10 lakh bitcoin from Coinswitch.

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rajivdas545707

My friend recently won CRED Jackpot of ₹10 lakh bitcoin from Coinswitch. Two days ago he received voucher and got ₹10 lakh bitcoin into his wallet. Can anyone tell me whether he will have to pay any tax on it or not? 

Kindly help.


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Entertainer Entertainer
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Did your friend asked you to enquire or you took this initiative on your own? Dost badal na jaaye ab 🥲

Royal Challengers Bangalore Royal Challengers Bangalore
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https://cdn0.desidime.com/attachments/photos/735712/medium/8218762phir-hera-pheri-paisa-hi-paisa-hoga-meme-template.jpg?1642686932

Pro Shopping Friend Pro Shopping Friend
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if he will sell it off and transfer to bank then yes.



Cool Cool
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😳  10 lakh ka lootery  

Deal Subedar Deal Subedar
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30% tax payable on winnings

Deal Lieutenant Deal Lieutenant
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i think CRED should have deduct.

Deal Subedar Deal Subedar
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nomag wrote:

i think CRED should have deduct.

No. Cred can not deduct, because they gave in Bitcoins. If they would have given in INR, they have to deduct.

Meanwhile, all of us are wondering.

Kaun hain ye log? Kahan se aate hain ye log ….. 🤣 stuck_out_tongue_winking_eye smiley grin

Deal Subedar Deal Subedar
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Was he your “friend” before the win or did he become your “friend” after the win? 

He’ll have to pay tax  – windfall gain.

Deal Cadet Deal Cadet
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Ramta_Jogi wrote:

Was he your “friend” before the win or did he become your “friend” after the win? 

He’ll have to pay tax  – windfall gain.

Only while selling right?

Deal Lieutenant Deal Lieutenant
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kartikxxx wrote:

Fumble hua hoga

shukar ha patao ki jagah kuch aisa hi shabd aur nahi bol diya

Deal Lieutenant Deal Lieutenant
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decideaim wrote:

Acha tha mere ko Twitter account nahin hai, kachra faila hua hai poore ka poora

insta pe kachra nahi ha paji?
sab jagah nibba nibbi

Deal Lieutenant Deal Lieutenant
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kartikxxx wrote:

Fumble hua hoga

Aisa kya, mujhe lag raha hai koi mahatvpurn sandesh chipey hua hai isme joy

Deal Lieutenant Deal Lieutenant
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kartikxxx wrote:

Fumble hua hoga , mere congress supporters mitr bhi ye apne whatsapp pe lgaye hue hai wink laughing

fumble

Deal Captain Deal Captain
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kukdookoo wrote:

fumble

Aap chronology nahi samaj rhe bro laughing

Deal Subedar Deal Subedar
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mango-man wrote:

Only while selling right?

Well, this transaction would be assumed a sale/purchase trade @ face value of Rs. 10 lakhs itself.

At present there is no law governing the transactions of Cryptos. However, the Govt. had made it clear they’d allow existing holders to sell their holdings, pay taxes & then close the doors on cryptos.

Anything he gains above that on sale would only add to the “taxable value”





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Ramta_Jogi wrote:

Well, this transaction would be assumed a sale/purchase trade @ face value of Rs. 10 lakhs itself. Anything he gains above that on sale would only add to the “profit”.

At present there is no law governing the transactions of Cryptos. However, the Govt. had made it clear they’d allow existing holders to sell their holdings, pay taxes & then close the doors on cryptos.

Anything he gains above that on sale would only add to the “taxable value”




Brother, how much will he have to pay tax if he sells all bitcoin and take money into his bank account?

Is there any TDS issue?

Deal Newbie Deal Newbie
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Manitian wrote:

No. Cred can not deduct, because they gave in Bitcoins. If they would have given in INR, they have to deduct.

Meanwhile, all of us are wondering.

Kaun hain ye log? Kahan se aate hain ye log ….. 🤣 stuck_out_tongue_winking_eye smiley grin

He does not know whether CRED has paid TDS on it or not? If he takes all money into his account then how much will he have to pay as tax?

Deal Newbie Deal Newbie
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nomag wrote:

i think CRED should have deduct.

Don’t know about it

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Ash-D wrote:

if he will sell it off and transfer to bank then yes.



How much?

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saucap wrote:

Did your friend asked you to enquire or you took this initiative on your own? Dost badal na jaaye ab 🥲

He told me to ask about the tax. Nhi bhai dosti nhi badlegi joy

Deal Newbie Deal Newbie
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Ramta_Jogi wrote:

Was he your “friend” before the win or did he become your “friend” after the win? 

He’ll have to pay tax  – windfall gain.

No, he is my childhood friend. sweat_smile
How much tax will he have to pay?

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