03-21-2022, 07:54 PM
India's crypto tax new rule: Losses from one crypto asset cannot be used to offset g
<table> <tr><td> <a href="https://www.reddit.com/r/CryptoCurrency/comments/tjaxqd/indias_crypto_tax_new_rule_losses_from_one_crypto/"> <img src="https://a.thumbs.redditmedia.com/7AWeBfGjtv6aHFgmvOBWT7xLa9zBmHm4ARe9GkWP_I8.jpg" alt="India's crypto tax new rule: Losses from one crypto asset cannot be used to offset gains in another. So if you lose some in trading BTC, you cannot offset that vs gains from another asset. Death by over-regulation seems to be the strategy." title="India's crypto tax new rule: Losses from one crypto asset cannot be used to offset gains in another. So if you lose some in trading BTC, you cannot offset that vs gains from another asset. Death by over-regulation seems to be the strategy." /> </a> </td><td> <!-- SC_OFF --><div class="md"><p>Adjusting capital losses from one crypto asset against gains from another asset is pretty common.. except according to the Indian government, this is not allowed either. </p> <p><a href="https://preview.redd.it/1t638a1qeqo81.jpg?width=1080&format=pjpg&auto=webp&s=14251f74b2aab05532ad5525079a7cda9a5bacf7">Answer provided by government</a></p> <p>Moreover, if you are mining, you cannot treat the mining infrastructure investment as costs. </p> <p>This nonsense is on top of a flat 30% capital gains taxes and 1% TDS. Moreover, as per the full laws, you cannot carry forward losses to another year as well. Now it seems even in the same year, you cannot adjust it with gains from another asset. </p> <p>The government is on a path of de-facto killing crypto by over regulation. If you make the taxes so high and the compliance so expensive, no one will ever invest in crypto - that seems to be the thought process of this utter shit government. </p> <h1>?</h1> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Set1Less"> /u/Set1Less </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/tjaxqd/indias_crypto_tax_new_rule_losses_from_one_crypto/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/tjaxqd/indias_crypto_tax_new_rule_losses_from_one_crypto/">[comments]</a></span> </td></tr></table>Kind Regards R
<table> <tr><td> <a href="https://www.reddit.com/r/CryptoCurrency/comments/tjaxqd/indias_crypto_tax_new_rule_losses_from_one_crypto/"> <img src="https://a.thumbs.redditmedia.com/7AWeBfGjtv6aHFgmvOBWT7xLa9zBmHm4ARe9GkWP_I8.jpg" alt="India's crypto tax new rule: Losses from one crypto asset cannot be used to offset gains in another. So if you lose some in trading BTC, you cannot offset that vs gains from another asset. Death by over-regulation seems to be the strategy." title="India's crypto tax new rule: Losses from one crypto asset cannot be used to offset gains in another. So if you lose some in trading BTC, you cannot offset that vs gains from another asset. Death by over-regulation seems to be the strategy." /> </a> </td><td> <!-- SC_OFF --><div class="md"><p>Adjusting capital losses from one crypto asset against gains from another asset is pretty common.. except according to the Indian government, this is not allowed either. </p> <p><a href="https://preview.redd.it/1t638a1qeqo81.jpg?width=1080&format=pjpg&auto=webp&s=14251f74b2aab05532ad5525079a7cda9a5bacf7">Answer provided by government</a></p> <p>Moreover, if you are mining, you cannot treat the mining infrastructure investment as costs. </p> <p>This nonsense is on top of a flat 30% capital gains taxes and 1% TDS. Moreover, as per the full laws, you cannot carry forward losses to another year as well. Now it seems even in the same year, you cannot adjust it with gains from another asset. </p> <p>The government is on a path of de-facto killing crypto by over regulation. If you make the taxes so high and the compliance so expensive, no one will ever invest in crypto - that seems to be the thought process of this utter shit government. </p> <h1>?</h1> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Set1Less"> /u/Set1Less </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/tjaxqd/indias_crypto_tax_new_rule_losses_from_one_crypto/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/tjaxqd/indias_crypto_tax_new_rule_losses_from_one_crypto/">[comments]</a></span> </td></tr></table>Kind Regards R