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Crypto Currencies have been the latest form of asset addition in the portfolio of various investors across jurisdiction. In India this adoption of various digital assets has gained further popularity with the advent of many celebrities endorsing investment in such assets. Subsequently, the Government of India is planning to tax these investments by introducing a specific legislation in the coming winter session of the Parliament. On the other hand, the tax department before such legislation is put in place is planning to provide a framework to tax use of blockchain for commercial purposes.

[1] Nikunj Ohri, New Plan to Tax Blockchain ecosystem in the works, Economic Times, (10:30AM Nov. 8 2021), https://www.business-standard.com/article/economy-policy/new-plan-to-tax-blockchain-ecosystem-in-the-works-amid-wide-adoption-of-nft-121110900093_1.html

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