Disclaimer: CoinCrunch is not authorised to give any tax advice. For specific questions we strongly recommend speaking with a tax professional.
The Financial year of 2017-2018 is about to end and you still possibly are guessing how to calculate the tax on your crypto profits. You already know that crypto-assets can be taxed as Short Term Capital gain, but what about when you converted your 0.5 BTC to 1 BTC on Binance? Or when you used Shapeshift to convert 1 ETH to 100 XRP and sold them on Indian exchanges? Most importantly what about all the losses you made by getting trapped into scams?
Telegram channel CryptoTaxIndia’s Rajesh and I decided to simplify all of this ‘legally’ for everyone. Since we don’t have any regulations on crypto-assets yet, we were at the liberty to do so. Don’t worry we are not bending any rules or doing something illegal. We are also not giving tax advice or legal advice. We definitely are not giving any tips to people who want to evade taxes.
We made a simple guide with certain assumptions to calculate your taxable profit from cryptocurrencies in the year 2017-2018. Would you like to read it?
Download CoinCrunch’s Tax Guide and the accompanying Spreadsheet for calculations.
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Here’s a graphic to get you started: