India Passes Stiff Crypto Tax Laws Despite Industry Uproar
Indians will begin paying a capital gains tax of 30% on crypto transactions in just one week after Parliament passed a controversial tax proposal on Friday, sparking uproar and disappointment among those in the country’s crypto industry.
In addition to the capital gains tax, Indians buying or selling crypto will have to pay a 1% tax deducted at source (TDS), as well as taxes on crypto gifts, with no ability to take deductions for losses. The crypto taxes will come into effect on April 1, while the TDS will start on July 1.
30% is steep, but I guess it better than the usual banning it!