The Reserve Bank of India (RBI) has not yet granted legal tender status to bitcoin and other cryptocurrencies. But, fast emerging cryptocurrency trading platforms in India are enough to indicate the rising number of Indians investing in the virtual tender. When there is investment, there must be income tax liability, but due to the lack of clear income tax rules in regard to bitcoins and other cryptocurrencies, it’s not advisable to avoid paying income tax on one’s cryptocurrency investment gains.
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