India To Tax Each Crypto Investment Independently

India's proposed taxation law of virtual digital assets won't permit individuals to offset loss from one asset against profit of another, the Ministry of Finance said Monday in a move that the head of the nation's top cryptocurrency exchange termed as "detrimental" and "regressive." From a report: India proposed law for taxing virtual currencies in February this year. It proposed taxing income from the transfer of any virtual assets at 30%. To capture details of all such crypto transactions, New Delhi proposed a 1% tax deduction at source on payments made related to purchase of virtual assets. In a clarification posted on Monday, the Ministry of Finance today announced its intention to tax each digital asset investment independently, a departure from how the nation regulates transactions at the stock market.

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