SuperT Posted February 1, 2022 Report Share Posted February 1, 2022 1 minute ago, KunjanPSD said: Yup. Taxation was the only way to legalise them. Honestly if anything this is actually good news. All rumors of banning them/restricting them etc. put to rest. 1 Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted February 1, 2022 Report Share Posted February 1, 2022 3 minutes ago, SuperT said: Honestly if anything this is actually good news. All rumors of banning them/restricting them etc. put to rest. That's still not clear. They didn't clear if it's for RBI backed cryptos but atleast it better than nothing. People can go on trying to get rich quick. Now just open UPI transactions, no Mobikwik hacks. 2 Quote Link to comment Share on other sites More sharing options...
SuperT Posted February 1, 2022 Report Share Posted February 1, 2022 (edited) 4 minutes ago, KunjanPSD said: That's still not clear. They didn't clear if it's for RBI backed cryptos but atleast it better than nothing. People can go on trying to get rich quick. Now just open UPI transactions, no Mobikwik hacks. Honestly Indian platforms are a pain to use for crypto. They have UPI one day the next day UPI disappears. Vauld was pretty good but now UPI gone from there too. Same story with WazirX. What is everyone using here and what hack are you guys using ? Edited February 1, 2022 by SuperT Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted February 1, 2022 Report Share Posted February 1, 2022 1 minute ago, SuperT said: Honestly Indian platforms are a pain to use for crypto. They have UPI one day the next day UPI disappears. Vauld was pretty good but now UPI gone from there too. Same story with WazirX. What is everyone using here and what hack are you guys using ? I am using nothing. HDFC has blocked off pretty much everything. Quote Link to comment Share on other sites More sharing options...
SuperT Posted February 1, 2022 Report Share Posted February 1, 2022 28 minutes ago, KunjanPSD said: I am using nothing. HDFC has blocked off pretty much everything. That is the case with most banks. I am not interested in opening a new account in one of the supported bank just for this. Quote Link to comment Share on other sites More sharing options...
Bird Bird Bird Posted February 1, 2022 Report Share Posted February 1, 2022 I think with legalised taxation, banks will slowly open up to crypto transfers. Quote Link to comment Share on other sites More sharing options...
LordSpymaster Posted February 1, 2022 Report Share Posted February 1, 2022 1 hour ago, KunjanPSD said: Loss from transfer of such assets can't be set off with other income. Correct me if I'm wrong but the losses in crypto from 1 year aren't being allowed a set off next year too in the same category. I.e. You gain: pay tax, you lose: F*ck you and your losses. Quote Link to comment Share on other sites More sharing options...
LordSpymaster Posted February 1, 2022 Report Share Posted February 1, 2022 1 hour ago, SuperT said: Honestly if anything this is actually good news. All rumors of banning them/restricting them etc. put to rest. 1 hour ago, KunjanPSD said: Yup. Taxation was the only way to legalise them. True When they get info via TDS and gains/losses, the government can slowly build up their database. Having legal recognition is a good 1st step, that tax rate is fine if the set-off was allowed. Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted February 1, 2022 Report Share Posted February 1, 2022 2 minutes ago, LordSpymaster said: Correct me if I'm wrong but the losses in crypto from 1 year aren't being allowed a set off next year too in the same category. I.e. You gain: pay tax, you lose: F*ck you and your losses. Yes, govt basically said: Screw you, you crypto scum. Quote Link to comment Share on other sites More sharing options...
KunjanPSD Posted February 1, 2022 Report Share Posted February 1, 2022 2 minutes ago, LordSpymaster said: True When they get info via TDS and gains/losses, the government can slowly build up their database. Having legal recognition is a good 1st step, that tax rate is fine if the set-off was allowed. Yeah, TDS of 1% basically lets them track everything. Quote Link to comment Share on other sites More sharing options...
SpearHea:D Posted February 1, 2022 Report Share Posted February 1, 2022 Should have been 20%. 30 is too much but atleast no ban, thats great. Bought the dip for more HBAR, Algo, QNT, AAVE & DOT. Hbar i will buy regularly with every paycheck. Quote Link to comment Share on other sites More sharing options...
SpearHea:D Posted February 1, 2022 Report Share Posted February 1, 2022 Oh just checked 10% up on both recent purchase of Dot and AAVE. Quote Link to comment Share on other sites More sharing options...
Felix the cat Posted February 1, 2022 Report Share Posted February 1, 2022 7 hours ago, SuperT said: Honestly Indian platforms are a pain to use for crypto. They have UPI one day the next day UPI disappears. Vauld was pretty good but now UPI gone from there too. Same story with WazirX. What is everyone using here and what hack are you guys using ? I didnt use any indian crypto trading app. But i have them on the phone i use binance,gate.io,and kucoin. But i generally use them to just convert my real world money into blockchain world's digital money I invested mostly through decentralised exchange. Quote Link to comment Share on other sites More sharing options...
Shantz Posted February 1, 2022 Report Share Posted February 1, 2022 Taxation doesn't mean legalization, folks. Wait for the crypto bill for that. Crypto is still a grey area and no regulated entity (ergo, banks) will do crypto till the crypto bill is passed. Quote Link to comment Share on other sites More sharing options...
Shantz Posted February 1, 2022 Report Share Posted February 1, 2022 12 minutes ago, Mr. Comingle said: Even proceeds from a crime (eg. forgery, hitman contract, etc.) are taxable iirc. Yep! We used to laugh at those clauses. Quote Link to comment Share on other sites More sharing options...
Bird Bird Bird Posted February 2, 2022 Report Share Posted February 2, 2022 10 hours ago, Shantz said: Taxation doesn't mean legalization, folks. Wait for the crypto bill for that. Crypto is still a grey area and no regulated entity (ergo, banks) will do crypto till the crypto bill is passed. Bloomberg got it wrong then ? Most big news sites have similar stories. Quote Link to comment Share on other sites More sharing options...
LordSpymaster Posted February 2, 2022 Report Share Posted February 2, 2022 2 hours ago, Bird Bird Bird said: Bloomberg got it wrong then ? Most big news sites have similar stories. Clarified by the ministry yesterday evening https://m.timesofindia.com/business/india-business/cryptic-signs-tax-on-e-assets-opens-gateway-to-brave-new-virtual-world/articleshow/89284751.cms They don't consider any crypto to be legal yet 1 Quote Link to comment Share on other sites More sharing options...
Bird Bird Bird Posted February 2, 2022 Report Share Posted February 2, 2022 6 hours ago, LordSpymaster said: Clarified by the ministry yesterday evening https://m.timesofindia.com/business/india-business/cryptic-signs-tax-on-e-assets-opens-gateway-to-brave-new-virtual-world/articleshow/89284751.cms They don't consider any crypto to be legal yet https://economictimes.indiatimes.com/markets/cryptocurrency/india-says-crypto-not-illegal-as-its-taxed-just-like-horse-racing-bets/articleshow/89295796.cms They don't consider it illegal too. 1 Quote Link to comment Share on other sites More sharing options...
Shantz Posted February 2, 2022 Report Share Posted February 2, 2022 Quote Link to comment Share on other sites More sharing options...
SpearHea:D Posted February 3, 2022 Report Share Posted February 3, 2022 Quote Link to comment Share on other sites More sharing options...
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