Taxation of virtual digital asset: Any income from transfer of digital asset will be taxed at 30%, announced Finance Minister Nirmala Sitharaman on Tuesday. “I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except cost of acquisition,” the FM said.
Budget 2022: Digital Rupee to be issued, gains from digital assets to be taxed at 30%
Meanwhile, the government has also announced that any income from transfer of digital assets will be taxed at 30 per cent rate. This will impact gains from cryptocurrency and NFTs as well, which have seen a boom in India in recent times.
Addressing the Budget 2022 session in the Parliament, Sitharaman said, “Digital currency will also lead to a more efficient and cheaper currency management system. It is therefore proposed to introduce digital rupee using blockchain and other technology to be issued by the Reserve Bank of India starting, 2022 and 2023.
