#Budget2022 Taxation of Crypto: Complete analysis of Section 115BBH and implications. #IndiaWantsCrypto @NischalShetty

Section 115BBH: 👉Tax at 30% on Gross gains. (Selling price - Purchase price= Profit) 👉No deduction of any expense like commission to exchanges, gas fees, interest payment. 👉Crypto loss can be set off only with crypto gains. No carry forward of loss allowed. (2/9) @smtgpt

Example 1: Sell 1 BTC on @WazirXIndia for Rs.40L Buy 1 BTC on WazirX for Rs.30L Exchange fees: 0.2% i.e Rs.14,000/- (Rs.40L*0.2% + Rs.30L*0.2%) Capital gains = 40L - 30L = Rs.10L Tax at 30% on Rs.10L (3/9) #Budget2022 #cryptocurrency