Ravi S. Raghavan quoted by Fortune India on Cryptocurrency Tax

by | Feb 9, 2022

Fortune India covered an article on the legality and the taxability of Cryptocurrency in India, following the finance ministry’s announcement of Crypto Tax as part of the 2022 Union Budget tabled in parliament.

As part of their article, they spoke to Ravi S. Raghavan, Partner – Tax & Private Client Group at Majmudar & Partners regarding implications in the Union Budget pertaining to the taxability of cryptocurrency in India.

He stated that “Sellers will have to withhold the tax even when there is no cash involved. As such, compliance obligations are cumbersome and, to avoid the high rate of 30% tax and 1% withholding tax obligations, investors may choose options like listed/unlisted securities, property, and gold bonds. Investors will become cautious.”

Click here to read the full article.

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