Crypto to be Taxed as Capital Gains for Transactions Prior 2022: ITAT
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The Income Tax Appellate Tribunal (ITAT) in Jodhpur, in a landmark judgement, has clarified the tax treatment of cryptocurrencies in India. The ruling states that profits from cryptocurrency sales should be regarded as capital gains rather than income. The decision is critical for transactions carried out prior to the introduction of the Virtual Digital Asset (VDA) in 2022.
ITAT’s decision now classifies crypto, including Bitcoin, as capital assets, setting to rest the ambiguity that previously surrounded crypto taxation. The decision will be beneficial for investors holding crypto assets for over three years. Such investors will benefit…
