ISSN 2581-5369
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NFT and Taxation Policy of India
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Dr. Nandita S. Patil
Associate Professor at Department of P. G. Studies in Law Dr. Babasaheb Ambedkar Marathwada University, Aurangabad, India
Abstract
Non Fungible Tokens (NFTs) are gaining a lot of popularity in India. So far it is noticed that different countries have very little specific legislation for regulation of NFTs. Most of the countries such as USA, UK and Australia have imposed tax on NFT transactions in their jurisdictions including India as NFTs, are considered as property for tax purposes attracting different tax rates. In India certain notable changes were made by the government in the Companies Act, 2013, CGST Act, 2017 and Income Tax Act, 1961 for NFT transactions. NFT is not defined but is included in the definition of ‘Virtual Digital Asset’ under Income Tax Act 1961. There is no specific law for regulation of NFT in India and hence, there is a need to pass the Cryptocurrency and Regulation of Official Digital Currency Bill 2021to prevent future issues resulting from NFT transactions.
Keywords
Type
Research Paper
Information
International Journal of Law Management and Humanities, Volume 8, Issue 2, Page 2152 - 2158
DOI: https://doij.org/10.10000/IJLMH.119293Creative Commons
This is an Open Access article, distributed under the terms of the Creative Commons Attribution -NonCommercial 4.0 International (CC BY-NC 4.0) (https://creativecommons.org/licenses/by-nc/4.0/), which permits remixing, adapting, and building upon the work for non-commercial use, provided the original work is properly cited.
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