Taxes on Cryto currency
3 years ago
Hello Sir/Madam
I have assets in crypto and since the limit has exceeded my exchange which operates in southkorea and China is telling me to withdraw funds .For withdrawal they are asking me to pay taxes and fees in advance.They are saying it's as per individual income tax law..article 9.They said they will give tax certificate and once the authenticity of funds is done they will send withdrawal money and taxes in bank account.
My question is does I have to pay taxes and fees in advance to get withdrawal money is thr such criteria required for wire transfer.Is thr any such rule.I want to know if I pay them the fees n taxes am I going to get full amount in bank and since it's large amount will It be taxable again in India .
If you want to withdraw your cryptocurrency in the form of fiat currency, you would first need to convert it. You convert it in the same manner that you exchange other cryptocurrencies.
However, more information is required the facts of the case, so ass to advice you properly.
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Ayantika Mondal @ Prime Legal
Responded 3 years ago
No set rules, regulations or guidelines have been laid down for resolving disputes that could arise while dealing with bitcoins. Hence, bitcoin transactions come with their own set of risks.
However, more information is required to help you properly.
If you find this answer helpful, please rate us.
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