Are cryptocurrency losses tax deductible?
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Crypto losses? In India? Tax deductible?? LMFAO absolutely not 😂💀
You could lose your entire life savings in dogecoin and the government would still be like, ‘Where’s our 30% from last year tho?’ It’s giving one-sided relationship. You profit, they show up with a bill. You lose? They ghost. Toxic behavior fr 😤.
Oh, you thought the government would let you deduct your crypto losses? 😂 That’s cute. Nah, they only care when you’re up. When you’re down bad, it’s like you don’t even exist.
Aww man, that sucks 😩. Yeah, in India, they don’t let you deduct crypto losses at all. It’s super unfair. Only profits get taxed, and the rest? You just gotta eat that.
📉 Crypto go down?
💸 Taxman: ‘That’s crazy bro 😐’
📈 Crypto go up?
🧾 Taxman: ‘We ride together, we tax together.
yo bro, nah you can’t claim losses. india’s tax rules are strict af. like they’ll take 30% when you win, but when you lose? radio silence 💀
I stood there… staring at my red portfolio… thinking maybe, just maybe, I could at least get a tax break. But no. The Indian tax code turned around, looked me dead in the eye, and whispered: ‘Cope.
So like, if you took an L on your crypto bags… sorry, but the Indian tax dude ain’t gonna let you write that off 😬.
They got this rule—Section 115BBH or whatever—that straight up says nope to using your losses to cancel out any gains. You can’t even carry that loss forward to future years. It’s basically ‘you win, we tax you; you lose, that’s on you’. Wild, right?
Also, there’s this 30% flat tax on any gains, no matter how small. And they’re taking 1% TDS on every trade too, even if you’re down bad. So yeah, it’s kinda brutal out here in crypto-land if you’re in India.
Big gains? Pay up. Big loss? Cry in silence 💀.
In Bharat, as per the latest updates in 2024, losses incurred from one virtual digital currency cannot be set-off against income from another digital currency.
Furthermore, losses from digital assets cannot be set-off against any other income. This means that a crypto investor cannot offset previous year losses from a crypto asset while filing Income Tax Return (ITR) for the current year.