On its part, the income tax department may also find it difficult to figure out whether wealthy investors actually hold any bitcoins, or the income earned from these instruments. The department may also struggle to calculate the capital gains tax on bitcoins as investors have used complex investment strategies. Some also claim that they have never bought any crypto currency, or that their accounts may have been hacked a few years ago.
The tax department is investigating the source of income and whether money invested in bitcoins or any other crypto currency is from money laundering," a senior official in the know told ET. "Bitcoins are not illegal and income tax is applicable, but if the source of money invested in bitcoins is illegitimate, then the enforcement directorate (ED) or any other investigating agency will take over the investigations," a senior official in the know told ET.
Nice information...
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