According to PANews, the Income Tax Appellate Tribunal in Jodhpur, India, ruled that profits from cryptocurrency sales should be considered capital gains prior to the implementation of the virtual digital assets regime in 2022.
The ruling classifies cryptocurrencies, including Bitcoin, as capital assets, addressing the ambiguity of cryptocurrency taxation and ensuring fair treatment under long-term capital gains laws, easing the tax burden on early adopters.
The ruling stems from a case where an individual purchased Bitcoin during the 2015-2016 fiscal year and sold it in the 2020-21 fiscal year. The court ruled that the profits qualified for long-term capital gains, rejecting the objections of tax officials.
