This is how cryptocurrency assets will be taxed from April 1 in India. 10 points

Cryptocurrency assets will be taxed: From 1st April 2022, some changes in the income tax rules announced by Finance Minister Nirmala Sitharaman while presenting Union Budget 2022 will get implemented. One of them is a tax on cryptocurrency and other digital assets. Nirmala Sitharaman in the Union Budget 2022 announced that “any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent."
“The new regime of flat 30% taxation on income from crypto assets from April 1, 2022, will ebb the sentiments for the new age asset class. Though, we hope that the crypto investors will back their investment thesis and stay in with the investment for longer periods," said Kunal Jagdale, Founder, BitsAir Exchange.

How cryptocurrency assets will be taxed from April 1 explained in 10 points

1) Tax @ 30% on Digital Assets: The gain on the sale of cryptocurrency would be taxed at a 30% tax rate. This taxation would certainly impact post-tax returns of cryptocurrency transactions. “Only deduction from sale consideration can be the ‘cost of acquisition of cryptocurrency’. There won’t be any other expenses allowed to be deducted. Due to no set-off of loss from other sources of income, it will become very challenging to have a net profitable trade in cryptocurrency," said Sujit Bangar, Founder,
2) If you have purchased crypto for ₹15k and sold it for ₹45k, your straightforward gain is ₹30k.
It would be taxed as under :
Sale consideration ₹45k
Less cost of acquisition ₹15k

Cryptocurrency – meaning and definition

Cryptocurrency, sometimes called crypto-currency or crypto, is any form of currency that exists digitally or virtually and uses cryptography to secure transactions. Cryptocurrencies don't have a central issuing or regulating authority, instead using a decentralized system to record transactions and issue new units.