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Budget 2022: Virtual digital asset earnings would be taxed at a rate of 30 per cent

Any profit earned from the sale of virtual digital assets will be taxed at a rate of 30 percent. According to FM, the receiver must pay tax on such presents.

 

  1. Any income derived from the transfer of a virtual digital asset will be subject to a 30percent tax.
  2. There is no way to offset a loss with a profit.
  3. Gain from the sale of a virtual digital asset is not tax deductible.
  4. The gift of a virtual digital asset is also taxable

 

 

“I propose taxing any revenue derived from the transfer of any virtual digital asset at a rate of 30 percent. Except for the cost of purchase, no deduction for any expenditure or allowance is permitted when calculating such income”:FM Nirmala Sitharaman.

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