As you might know the Indian Government said to impose 30% tax on all transaction done by Indian Citizen of Cryptocurrency(Digital Assets).
And also Uphold doesn’t support withdraw in India ,
so we also can’t withdraw , We can just hold BAT
Therefore I request you to please look into the Matter
This is something that should be addressed right away, not just for India now but because many countries are now considering restrictions on crypto-currencies.
That includes the USA, by the way.
I wanna ask the same question that india imposed 30% tax and I mailed gemini,they said they do not pay any legal tax.so how am I supposed to pay tax if they do not pay it?
Hi bro No one know that how it will happen and how the tax system works but let’s see
I asked gemini they said as per user agrement we do not provide any legal tax so how am I supposed to pay the tax?
we can’t do anything except wait so wait until any clarification
yeah,i am confused about this that if gemini said they will not pay how are we supposed to?
well,i think you should use gemini instead of uphold.
I’m using both uphold and Gemini
You will get taxed when you convert those cryptos into inr using Indian crypto exchanges and withdraw into your bank account.
Oh ok but only in Indian exchanges? what about international exchanges like Binance and Gemini etc…
But I am using International exchange gemini.
Can tranfer of bat from brave to gemini impose any tax and selling on gemini and buying any other coin?
Also if I tranfer my bat from gemini to indian exchange can it also attract tax?
I wanna know if I do any of these do I have to pay tax.
If yes how? Because gemini said they do not pay any tax so at the time of transaction no tax will be deducted.
If that exchange wants to integrate Indian banks or cards to give its users the ability to deposit or withdraw money, then they have to abide by Indian taxation system of crypto and will deduct 30% tax.
But if your exchange don’t support Indian banks or cards, then you can only hold those cryptos. There’s also a possiblity that you sell those cryptos and withdraw funds to any other international bank and then transfer money from that bank to your own bank account in India. Thus, you can avoid taxation on your profit!
Gemini will not impose tax as they don’t support Indian banks. Only If they integrate Indian banks in future then they’ll must impose tax.
And secondly, if you transfer those BATs from Gemini to any Indian cryptocurrency exchange then you’ll get taxed when you sell those BATs and withdraw money into your own bank account. And here you’ll get 30% taxed on your whole earning which will feel disastrous. For example, if you earn 100 BATs, then 100 BATs are your profit without any investment or capital, so Indian govt. will take your earning from selling 30 BATs from you as tax.
so that means if i trade on gemini i dont have to pay any tax.once i transfer them to indian exchange ii have to pay tax?
during the process of transfer of crypto from gemini to indian exchange,do ihave to pay tax or it will be automatically deducted when i tranfer from gemini to indian exchange?
Govt. will only collect tax in INR, not in BAT, so you are safe until you convert/sell BATs into INR. Also the tax system isn’t launched officially yet, so we can’t say anything practically. They might impose or withdraw certain regulations while introducing it in the future.
So,until my crypto is in gemini I have no tax,the time I transfer it to indian exchange I have to pay tax,right?
But I wanna know that they said transaction will have 1% tax.now if I tranfer by bat from gemini to indian exchange how will the tax be deducted?
If it will not be deducted how am I supposed to pay?
And will trnafer of bat from brave rewards wallet to gemini also have tax?
Will trading on gemini also have tax?
You will only get 30% taxed of your profit when you sell your crypto. There is no tax if you just hold it in your wallet or any exchange. You can sell it on Gemini and not get taxed as Gemini isn’t liable to abide by Indian laws, but when you transfer that money into your Indian bank account you may get sued by Indian govt. if they come to know that you cheated them. Then you have to file Income tax return as businesses do.
1% TDS part is mostly not clear to me, but 1% TDS in transaction may mean that they’ll cut 1% tax while buying and selling crypto in Indian and International exchanges which abide by Indian law.
So,can I sell my BAT earned by brave and use it to buy any other coin.then gain profit and then transfer it to indian exchange.
I can trade without tax and tension free on gemini,right?
How can tax be paid when i transfer my crypto from gemini to indian exchange?