The Income Tax Appellate Tribunal in Jodhpur, India, has ruled that profits from crypto sales before the 2022 Virtual Digital Asset regime are subject to capital gains tax. This decision clarifies that crypto, including Bitcoin, is considered a capital asset, providing fair treatment under long-term capital gains laws. The ruling stemmed from a case where an individual bought Bitcoin in 2015-16 and sold it in 2020-21, arguing for long-term capital gains treatment due to the holding period exceeding three years. The tribunal disagreed with the tax officer's view that cryptos lack inherent value, stating that crypto falls under the definition of a capital asset. This ruling benefits early adopters by allowing them to claim deductions under existing law and challenges unjustified tax demands. It also aligns Indian tax laws with international standards, especially for transactions before the introduction of the post-2022 tax regime on crypto gains. Read more AI-generated news on: https://app.chaingpt.org/news

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