Business Standard

New crypto tax law discriminatory in treating different assets differently

Since 1956, all Indian governments have thought that economic discrimination is fine, but political or social discrimination is not

Crypto investors
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T C A Srinivasa-Raghavan
After a great deal of deliberation, the government told Parliament last week that investors would not be able to set off a loss made while trading in one currency against a gain made in another. Thus, what you lose on the races can’t be used to reduce your tax liability on what you gained at the roundabouts.

The change has been incorporated in the Finance Act. The idea is to discourage people from betting on cryptos.

But it’s an unfair decision because it’s discriminatory; this rule doesn’t apply to other assets. It is no excuse to say that uniform treatment
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

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First Published: Mar 28 2022 | 8:05 AM IST

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