Are cryptocurrencies taxable?

• The Reserve Bank of India (RBI) has not yet legalised bitcoin, it is subject to taxation. An investor who makes money by selling bitcoin must pay income tax. All income is taxed unless it is specifically exempted by the Income Tax Act.
• Remember the following two critical elements from the IRS Notice from 2014: When bitcoin is used to make a purchase, it is valued at its fair market value in US dollars at the time of the transaction. If you sell or exchange cryptocurrencies for a profit, the profit is taxable at the capital gains rate.

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