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Bitcoin profits even before VDA rules to be treated as capital gains
The New Indian Express Tadepalligudem
|December 17, 2024
IN a first of its kind legal dispute over taxation of bitcoins, the Jodhpur Income Tax Appellate Tribunal (ITAT) has ruled that gains for sale of bitcoins even before the introduction of virtual digital asset (VDA) regime in 2020 should be treated as capital gains for the purpose of taxation.
The ITAT order says that even though Bitcoin is intangible, it qualifies as a capital asset since it grants ownership rights and can be bought, sold, or transferred.
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