Bitcoin has made headlines by crossing the $100,000 mark, fueled by growing interest following Donald Trump’s victory in the US presidential elections. As a vocal supporter of cryptocurrencies, Trump promised to promote digital assets, aiming to make the US a “crypto capital” with a favorable environment and clear regulations. This rally has not only boosted global interest in Bitcoin but also sparked discussions in India about trading cryptocurrencies and their legal status in the country.
<h2>Is Bitcoin Legal in India?<h2/>
Yes, Bitcoin and other cryptocurrencies are legal in India. The Supreme Court overturned the Reserve Bank of India’s (RBI) earlier ban, ruling in favor of cryptocurrencies and allowing their use and trade within the country.
The TDS is calculated on the total sale amount, regardless of whether a profit is made, and must be declared in the Income Tax Return (ITR) to claim refunds.
Additionally, losses from one Virtual Digital Asset (VDA) cannot be offset against gains from another. For instance, losses incurred while trading Ethereum cannot be used to offset profits from Bitcoin trading.
<h3>How to Invest in Bitcoin in India?><h3/>
To invest in Bitcoin in India, follow these steps:
- Select a certified cryptocurrency exchange.
- Register using your Know Your Customer (KYC) details.
- Deposit funds through supported methods, such as bank transfers.
- Trade Bitcoin and store your assets securely in a crypto wallet.
