Understanding Your Legal Rights
This guide provides information about important legal rights protections and remedies available under Indian law for various social and personal matters.
Frequently Asked Questions
Is cryptocurrency legal in India?
No law prohibits owning or trading cryptocurrency. RBI circular banning crypto struck down by Supreme Court in 2020. However no legal tender status.
What is tax on cryptocurrency?
Virtual Digital Asset tax: 30% tax on income from crypto transfers. No deduction except cost of acquisition. 1% TDS on transactions exceeding Rs. 50,000.
What is cryptocurrency regulation bill?
Cryptocurrency and Regulation of Official Digital Currency Bill pending. CBDC (digital rupee) launched but crypto regulation pending.
Can cryptocurrency be used for payments?
Not as legal tender. Businesses can accept crypto if they wish but no legal obligation to accept.
What are risks of cryptocurrency investments?
No insurance no regulatory protection market volatility hacking risks and no recourse if exchange collapses.
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