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In Budget 2022, the government announced a specific tax regime for virtual digital assets. The government said that any income from the transfer of any virtual digital asset will be taxed at the rate of 30 per cent. The gift of a virtual digital asset will also be taxed in the hands of the recipient.
Loss from the transfer of virtual digital asset cannot be set off against any other income, it said.
To capture the transaction details, Tax Deducted at Source (TDS) will be provided on payment made in relation to the transfer of a virtual digital asset at the rate of 1 per cent of such consideration above a monetary threshold, according to announcements in Budget 2022.