Crypto Gains Before 2022 Fall Under Capital Gains Tax, India Tax Regulator Confirms
The Income Tax Appellate Tribunal (ITAT) in Jodhpur, India, has today clarified the taxation of crypto transactions conducted before the financial year (FY) 2022-2023. According to the ruling, profits from all such transactions will be treated as capital gains.
ITAT Gives Clarity On Pre-2022 Crypto Taxation
In what is considered a landmark ruling for India’s digital assets ecosystem, the ITAT declared that cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and others, were capital assets before April 1, 2022. Consequently, any profits earned from their sale during that period should be categorized as capital gains rather than income from other sources.
For the uninitiated, India’s current virtual assets taxation…
