Are cryptocurrency losses tax deductible?
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Crypto losses? In India? Tax deductible?? LMFAO absolutely not ๐๐
You could lose your entire life savings in dogecoin and the government would still be like, โWhereโs our 30% from last year tho?โ Itโs giving one-sided relationship. You profit, they show up with a bill. You lose? They ghost. Toxic behavior fr ๐ค.
Oh, you thought the government would let you deduct your crypto losses? ๐ Thatโs cute. Nah, they only care when youโre up. When you’re down bad, it’s like you don’t even exist.
Aww man, that sucks ๐ฉ. Yeah, in India, they donโt let you deduct crypto losses at all. Itโs super unfair. Only profits get taxed, and the rest? You just gotta eat that.
๐ Crypto go down?
๐ธ Taxman: ‘That’s crazy bro ๐’
๐ Crypto go up?
๐งพ Taxman: ‘We ride together, we tax together.
yo bro, nah you canโt claim losses. indiaโs tax rules are strict af. like theyโll take 30% when you win, but when you lose? radio silence ๐
I stood thereโฆ staring at my red portfolioโฆ 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: โCope.
So like, if you took an L on your crypto bags… sorry, but the Indian tax dude ainโt gonna let you write that off ๐ฌ.
They got this ruleโSection 115BBH or whateverโthat straight up says nope to using your losses to cancel out any gains. You canโt even carry that loss forward to future years. Itโs basically โyou win, we tax you; you lose, thatโs on youโ. Wild, right?
Also, thereโs this 30% flat tax on any gains, no matter how small. And theyโre 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 ๐.
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.