TMI BlogTaxation of Virtual Digital Assets – Section 115BBHX X X X Extracts X X X X X X X X Extracts X X X X ..... atever name called, providing a digital representation of value exchanged with or without consideration, with the promise or representation of having inherent value, or functions as a store of value or a unit of account including its use in any financial transaction or investment, but not limited to investment scheme; and can be transferred, stored or traded electronically; (b) a non-fungible toke ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e definition of virtual digital asset subject to such conditions as may be specified therein. [ Section 2(47A) ] Notes:- NFT shall not include a NFT whose transfer results in transfer of ownership of underlying tangible assets and the transfer of ownership of such underlying tangible asset is legally enforceable. Accordingly , the central government has , vide notification no. 74/2022 dated 30.06. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee includes any income from the transfer of any virtual digital asset, notwithstanding anything contained in any other provision of this Act, the income-tax payable shall be the aggregate of,- the amount of income-tax calculated on the income from transfer of such virtual digital asset @30%.; and the amount of income-tax with which the assessee would have been chargeable, had the total income o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceeding assessment years. The word transfer as defined in clause (47) of section 2, shall apply to any virtual digital asset, whether capital asset or not. Taxability of receipt of virtual digital assets as gift or for inadequate consideration [ Section 56(2)(x) ] where any person receives, in any previous year, from any person or persons on or after the 1st day of April, 2017,- any property, othe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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