Thinking of gifting Bitcoin, ether to your sister? Key issues it is best to know

The competition of Rakhi is right here. This time, the sacred thread competition of siblings’ love is well known on two days- Today (August 30), and tomorrow (August 31). The very first thing that involves thoughts with the competition is presents. People have began to maneuver away from conventional gifting choices reminiscent of money and gold, to new-age monetary presents like shares, mutual funds, and even cryptocurrency.

What is cryptocurrency

Cryptocurrencies are digital currencies designed to purchase items and providers. These digital belongings don’t require any middleman like banks, or monetary establishments for his or her operations.

Cryptocurrency as a present for Rakhi 2023

Sharing cryptocurrency as a present has now change into simpler. Currently, a number of the hottest cash that may be gifted are Bitcoin, Ether, cardano, Tether, and Dogecoin.

According to Edul Patel, CEO and co-founder of Mudrex, gifting cryptocurrencies provides a contemporary twist to an age-old custom. This tackle gift-giving not solely acts as a significant token of your love but in addition introduces recipients to the world of digital belongings. 

“Gifting crypto aligns with the notion of providing worth via digital means and capitalizing on the potential for appreciation and stability, enhancing the general gifting expertise,” mentioned Edul Patel.

Tax Benefits & different advantages of gifting crypto

With the availability of a tax exemption of as much as ₹50,000 for numerous types of gifting, together with cryptocurrencies, this circumstance presents a viable avenue to supply presents that promote monetary empowerment via the combination of digital belongings, added Edul.

Is crypto taxed in India?

In India, cryptocurrencies are labeled as digital digital belongings and are topic to taxation. The features from cryptocurrency are taxable in India. The authorities’s stance on cryptocurrencies was clarified within the Union Budget 2022.

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Updated: 30 Aug 2023, 02:27 PM IST