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Bitcoin Gifts in India: Can the Taxman Trace Who Sent the Crypto?
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Bitcoin Gifts in India: Can the Taxman Trace Who Sent the Crypto?
Bitcoin gift transactions will be recorded on the blockchain the same as normal transfers. Crypto gifts from specified relatives can be tax-exempt under Section 56(2)(x). Recipients should keep records proving the gift and Bitcoin’s original source. Bitcoin transfers can occur between two individuals without any third party getting involved. It can be transferred from one wallet to another without a bank, paperwork, or even the name appearing o…
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