How to withdraw funds from blockchain

rdst_1 said:
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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Naa no mining
The Blockchain acc is years old
Accepted few payments of 20 or 30 dollars now and then I, and its like I had 300 in it which appreciated to 1100 at this time and might go till there 1500 in next few weeks, and the best it reached was 1800 when btc was 60k dollars.

So its just overtone owing to appreciation this reached to this level.
If anyone needs btc then we can do a swap to reduce the headache

As it is i am a salaried person.
 
JMak said:
Naa no mining
The Blockchain acc is years old
Accepted few payments of 20 or 30 dollars now and then I, and its like I had 300 in it which appreciated to 1100 at this time and might go till there 1500 in next few weeks, and the best it reached was 1800 when btc was 60k dollars.

So its just overtone owing to appreciation this reached to this level.
If anyone needs btc then we can do a swap to reduce the headache

As it is i am a salaried person.
Click to expand...
Then you should have declared that income of $300 back when you had earned it. Anyhow, in both cases, you will have to pay tax on this when you convert to money apart from the 'hawala' way you mentioned, where someone pays you cash for them. If you continue to hold this amount in any exchange, then from next year onwards you will have to pay 30% tax on the profit. If you already are in the 30% tax bracket then there is no difference for you.
 
Simply deposit your cryptocurrency into an exchange such as WazirX, CoinDCX, CoinSwitch Kuber, Unocoin , and request a withdrawal in the currency of your choice. The withdrawal will be paid into your bank account. Hope that helps .
 
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