According to PANews, the Income Tax Appellate Tribunal in Jodhpur, India, ruled that profits from cryptocurrency sales should be treated as capital gains before the implementation of the virtual digital asset system in 2022.
The ruling classifies cryptocurrencies, including Bitcoin, as capital assets, resolves the ambiguity of cryptocurrency taxation, ensures fair treatment under long-term capital gains laws, and reduces the tax burden on early adopters.
The ruling stems from a case in which a person bought Bitcoin in 2015-2016 and sold it in 2020-21. The court ruled that his profit qualified as long-term capital gains, rejecting the objection of tax officials.
