Will cross-border crypto gifts trigger Indian taxes?
I have been residing in the UAE for the past 25 years and carry on my business here. On the occasion of my 50th birthday, a couple of my Indian cousins have gifted me USTD into my private wallet here from theirs in India, after I shared my private key with them. Do I have to pay any tax in India on these gifts?
– Name withheld on request
Can a non-resident Indian receive cryptocurrency as a gift from cousins in India without attracting Indian tax? The answer lies in a mix of tax law interpretation and cross-border regulatory gaps.
India’s foreign exchange laws currently do not specifically regulate the cross-border transfer of cryptocurrencies, making it unclear whether such transfers are legally permitted.
Under Indian tax law,…
