How to withdraw funds from blockchain

JMak

Adept
As the title says...
A friend is having some btc in his blockchain wallet, which I believe he had made a while back and accepted funds just for fun,those btc have swelled on their own to sizable amount now and he wishes to withdraw his btc which might be worth 500 or something $..
I had told him to send btc to someone and get the instance amount in inr from that guy in his paytm or bank acc... Seems he isn't able to locate someone..
Can you guys guide.
 

Stronk

Adept
Use localcryptos to sell without KYC, otherwise depositing to an exchange wallet and then converting that to Fiat (INR) could include significant costs in terms of fees
 

JMak

Adept
Use localcryptos to sell without KYC, otherwise depositing to an exchange wallet and then converting that to Fiat (INR) could include significant costs in terms of fees
Can you plz name a few and if possible the process please.
As far as i could get the blockchain wallet isn't verified but he can send and accept btc, si he should be able to send btc to local Indian wallet if that's what you meant..
How then from thy to his bank acc.?

Thanks
 
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Stronk

Adept
Can you plz name a few and if possible the process please.
As far as i could get the blockchain wallet isn't verified but he can send and accept btc, si he should be able to send btc to local Indian wallet if that's what you meant..
How then from thy to his bank acc.?

Thanks
The way it works is this - the seller lists the price at which they are willing to sell. They make the payment via the methods specified by seller (be it wallet, upi, net banking etc). Once the confirmation of transaction is done, the crypto is released to the buyer.
You can sell a small amount at first (something like 500-1000inr) to familiarize yourself with the process and then go for larger amounts. Good luck!
 
You could try to transfer the BTC to a exchange like Bitbns and sell it there, the INR you receive you can get it transferred to your bank account, mind you through this process you might get taxed
 

combatknife

Disciple
create a wazirx account from desktop. Complete KYC (aadhar/pancard, selfie). Add your Indian bank account to wazirx. Generate a wallet address specific for bitcoin. Withdraw from your current blockchain wallet to wazirx using the generated address. Once you have the btc credited to wazirx, sell them in wazirx marketplace. Yo will get equivalent INR which can then be withdrawn to your Indian bank account. It may take sometime for BTC to reflect in your wazirx . Works the same way for coinbase aswel.
 

JMak

Adept
create a wazirx account from desktop. Complete KYC (aadhar/pancard, selfie). Add your Indian bank account to wazirx. Generate a wallet address specific for bitcoin. Withdraw from your current blockchain wallet to wazirx using the generated address. Once you have the btc credited to wazirx, sell them in wazirx marketplace. Yo will get equivalent INR which can then be withdrawn to your Indian bank account. It may take sometime for BTC to reflect in your wazirx . Works the same way for coinbase aswel.
Thanks, was wondering about the same route, but you have made it pretty clear and that too pretty lucid.
Thanks bud.
 

JMak

Adept
Reviving this topic
So i have got the wazirx acc and yet to verify or but will do soon.
Do as a test I transferred 10 dollars from blockchain to wazirx and they took sometime but came through.

As soon as the btc picks up ( as currently I ll be losing a lot) namaste I will send btc to wazirx.

Wanted to ask on the tax front what do I need to do, and how and on what heading this can be declared of at all

I can see in the funds tab in wazirx it shoes equivalent inr, and so I guess all I ll need to do would be to withdraw to verified bank...

Please correct this as well.

Thanks
 

lazyman

Disciple
For tax it should come under long-term capital gains. Deduct the purchase price from selling price and then the remaining profit would be taxable. No experience with which heading it comes under, but it should be the same heading used for long-term gains on stocks, mutual fund or any capital asset.

From next financial year the profit would be taxable at 30% according to budget 2022.
Forgot to tell that only profit above 1 lakh would be taxable at 10%.
 
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rdst_1

Skilled
For tax it should come under long-term capital gains. Deduct the purchase price from selling price and then the remaining profit would be taxable. No experience with which heading it comes under, but it should be the same heading used for long-term gains on stocks, mutual fund or any capital asset.

From next financial year the profit would be taxable at 30% according to budget 2022.
Forgot to tell that only profit above 1 lakh would be taxable at 10%.
It would only come under long-term capital gains if one has traded in them and held for a period more than 1 year.
If one has mined those coins or booked profits in less than a year, then it will come under normal income.
 

JMak

Adept
It would only come under long-term capital gains if one has traded in them and held for a period more than 1 year.
If one has mined those coins or booked profits in less than a year, then it will come under normal income.
So if I transfer all those btc before March 31st 22 and withdraw them to my bank account, does that mean I ll attract lesser tax...
Please don't mind I am a bit pedestrian when it comes to these things.
 

vishalrao

Global Moral Police
Skilled
From what I understand about virtual digital assets tax in the budget it's a flat 30 percent regardless of duration or tenure so no concept of long or short term capital gains categories?
 

rdst_1

Skilled
So if I transfer all those btc before March 31st 22 and withdraw them to my bank account, does that mean I ll attract lesser tax...
Please don't mind I am a bit pedestrian when it comes to these things.
Taxation on Crypto and benefits made from trading in crypto is kind of a grey area till now. The new laws that have been passed in this year's budget will only be applicable from next financial year.
If the BT that you are exchanging have been mined, then they will have to be declared under income. If they had been bought and then sold at a higher value, then the profit made can usually be declared in 2 ways - Income or LTCG. But our laws hadn't been updated with regards to LTCG on Crypto till now and you should have held the asset for more than a year to claim LTCG. From next year onwards the profits made from trading in Crypto will be taxed at 30%.

In your case, since the amount is barely $500 and I am assuming that you have held them for less than a year and it has been mined and not bought, you should declare it under the head of 'Income from other sources'.
 
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