AskMe Anything about cryptocurrency

[The INSANE Trader]

Is bitcoin etf better or bitcoin crypto? Can we buy the bitcoin ETF from Indmoney?

Choosing between a Bitcoin ETF and directly buying Bitcoin (crypto) depends on your investment goals and risk tolerance.
Bitcoin ETF (Exchange-Traded Fund):
Advantages:
Regulated investment vehicle that trades on traditional stock exchanges.
Provides exposure to Bitcoin's price movements without needing to hold the underlying asset directly.
May be more suitable for investors looking for regulated products within their existing brokerage or investment accounts.
Considerations:
ETFs can have management fees.
You do not directly own Bitcoin; you own shares of the ETF.
The performance of the ETF may not perfectly track the price of Bitcoin due to various factors.
Buying Bitcoin (Cryptocurrency):

Advantages:
Direct ownership of Bitcoin.
Control over your private keys and wallets.
Potential for higher returns if Bitcoin's price increases significantly.

Considerations:
High volatility and risk.
Requires knowledge of crypto exchanges, wallets, and security practices.
Regulatory and legal considerations vary by jurisdiction.

Regarding Indmoney, you would need to check whether they offer Bitcoin ETFs on their platform. Not all investment platforms offer ETFs, especially in markets where they may not be as commonly available or regulated. If Bitcoin ETFs are available, you can typically buy them through your brokerage account or investment platform that supports ETF trading.

Before investing, consider your financial situation, investment goals, risk tolerance, and do thorough research or consult with a financial advisor if needed to make an informed decision.

 

[prometheus]

Hello Sunder! @sundernarwat I just had few queries in the crypto tax space:

Do we need to show all the transactions (Profit & Loss) while filing ITR in case of crypto or is it fine just to show the profitable trades. Also, what about airdrops like do we need to consider those too while filing out taxes?

Let's assume a person doesn't fall in any of the tax slabs and their overall income is less than 5L and they are eligible for a rebate, do they still need to pay tax on the annual profits made by all the crypto trades?

 

[sundernarwat]

Hello Sunder! @sundernarwat I just had few queries in the crypto tax space:

Do we need to show all the transactions (Profit & Loss) while filing ITR in case of crypto or is it fine just to show the profitable trades. Also, what about airdrops like do we need to consider those too while filing out taxes?

Let's assume a person doesn't fall in any of the tax slabs and their overall income is less than 5L and they are eligible for a rebate, do they still need to pay tax on the annual profits made by all the crypto trades?

Hello @prometheus , Sorry for late reply, i was very busy last days, let me answer your questions

Buy Sell All Transactions
Yes, you need to consider and provide all your crypto Buy, Sell trade transactions to CA team, then CA team will consider profitable sell transactions for tax liabilities, 30% tax on profits made

Profit Calculation Formula is ( Total Sell Amount - Total Buying Cost = Profits ) which are flat taxed at 30% rate
Also provide loss transactions, because on both sell and loss transactions you can claim back your deducted TDS ( If Any applicable)

Airdrops
If you had sold airdrop coins and tokens, then your buying cost is zero on them, now total sell amount is always full profit amount and its taxable at flat 30%

Tax Slab
As per crypto tax rule, tax is payable on all profits made irrespective of persons tax slab,
But, i think this is still not implemented in the ITR software, so people are still getting applicable rebate, because software is not calculating 30% flat tax on crypto profits and TDS Refunds are also available to claim

Still you can work with your tax professional for this, because they know more than me about taxation on crypto
i have told you what i have seen from last year to till date.


Need Help With Crypto Topics

I am planning to start a blog website for crypto education, If you have time, you can give me some topics and general inquiry, questions about crypto, which investors and traders would like to ask

i am also planning to provide paid one to one education sessions, let me know your thoughts on this too, its a good idea or not?

You can send me details on email - narwatventures@gmail.com

 

[aRvi]

I'm thinking to sell by crypto currency. As taxes in India is 30+%, in order to save on taxes I'm thinking to send crypto currency to my relative in USA and then they will sell that crypto currency and send back that amount to me.

I wanted to understand if that will be beneficial? What are the tax implication involved in that case?

 

[santanu47493]

You even can sell directly bro without tax even without tds ( I am p2p seller also buyer ) I sell people's crypto currency and cash deposit to their bank account for no tracing of money but I don't want to trade with you as I don't know you also you don't know me

 

[santanu47493]

You even can sell directly bro without tax even without tds ( I am p2p seller also buyer ) I sell people's crypto currency and cash deposit to their bank account for no tracing of money but I don't want to trade with you as I don't know you also you don't know me (don't use indian exchange and India fia registered exchange like binance)

 

[santanu47493]

Hello Sunder! @sundernarwat I just had few queries in the crypto tax space:

Do we need to show all the transactions (Profit & Loss) while filing ITR in case of crypto or is it fine just to show the profitable trades. Also, what about airdrops like do we need to consider those too while filing out taxes?

Let's assume a person doesn't fall in any of the tax slabs and their overall income is less than 5L and they are eligible for a rebate, do they still need to pay tax on the annual profits made by all the crypto trades?

 

[santanu47493]

Listen if your profit is more than 1lakh you should file itr account to govt rule but yes you don't have to if you don't use any Indian exchange and fia listed international exchanges so that government can't know your profit you can sell usdt on international exchanges like bitget mexc gateio p2p with out 1 rs tax tds bloody things I do P2P trades and I don't pay 1rs to govt

 

[abhisheksingh]

Listen if your profit is more than 1lakh you should file itr account to govt rule but yes you don't have to if you don't use any Indian exchange and fia listed international exchanges so that government can't know your profit you can sell usdt on international exchanges like bitget mexc gateio p2p with out 1 rs tax tds bloody things I do P2P trades and I don't pay 1rs to govt

What about Binance?

 

[santanu47493]

Binance ,kucoin and now many be bybit don't use at all these share every data to govt I recommend you find a person who do P2P trades for you I can help you I help all big youtuber to get money without tax

 

[sharmaharry1221]

WHAT IS BEST PLATFORM FOR P2P TRANSACTION. I WANT TO HOLD AROUND 10 LAKHS RUPESS VALUE BITCOIN AND ETHERIUM IN COLD WALLET , SO WHAT ARE MY OPTIONS

 

[santanu47493]

For P2P I recommend P2P.me also you can go for bitget I also do trade for people whatever you want go for it but don't buy from Indian exchanges

 

[sharmaharry1221]

IS THERE ANY OTHER OPTION , OR THERE ANY OFFLINE MARKET TO BUY BITCOIN

 

[santanu47493]

Offline market means through cash?

 

[santanu47493]

Offline how I can help you have to find a person who buy through cash in your city how anyone can help in that case

 

[sharmaharry1221]

Offline how I can help you have to find a person who buy through cash in your city how anyone can help in that case

LIKE IN DELHI NCR

 

[santanu47493]

I can help with that you handover cash to my guy (bank deposit) you have to do at once I will send usdt or any token of ok message me on telegram @santanurath

 

[bekifaayatifan]

I am personally using BITBNS Exchange from last 5 to 6 years, but i am not satisfied with them from last 3 Years, they allow buy and sell, but not allowing to transfer funds to bank account, my funds are stuck on exchange, and same i am hearing about other indian exchanges,

but still CoinDcx exchange has some good reviews and many good crypto projects

you also have to do research about Indian exchanges

All exchanges deduct taxes as per government rules.

1) What are you planning to do to get the fund back from the exchange?

2) Is there any Indian exchange that doesn't block withdrawal?

3) I tried to open account with non Indian exchanges, namely Banxa & Ramp. Payment didn't go through. I believe my bank is blocking the transaction. Have you faced such restrictions?

 

[santanu47493]

If you go with fia registered exchange like Indian exchanges you will face 30% tax specially indian exchanges I don't use indian exchanges at all because of this also I tried 1 week before just trying I found it asks many documents just to withdraw tokens too bad experience I recommend buy from third party token no tax no withdrawal issue nothing I so trade for people buy usdt or any token directly to their wallet or sell token but if you choose any exchange and you buy through debit or credit card all transactions get failed for sure only one solution open international exchange which is not fia registered or buy through third party

 

[santanu47493]

1) What are you planning to do to get the fund back from the exchange?

2) Is there any Indian exchange that doesn't block withdrawal?

3) I tried to open account with non Indian exchanges, namely Banxa & Ramp. Payment didn't go through. I believe my bank is blocking the transaction. Have you faced such restrictions?

1. There is no way I know
2.all exchange block withdraw without proper verification
3.banxa and ramp those not fit for india