Government levies tax on Cryptocurrency

New Delhi: The Finance Minister has made a big announcement in the budget regarding crypto currency. The government will levy 30% tax on income from digital asset transfers. In addition the gift of cryptocurrencies will be taxed at the recipient’s end. The loss cannot be set off against any other gain.

Section 80C
Under section 80C, tax deduction is available on life insurance, principal repayment of housing loan, National Savings Certificate, tax saving mutual funds, provident fund, public provident fund and tuition fees of children. Its limit is Rs 1.5 lakh per financial year. Last time this limit was increased in the financial year 2014-15. Earlier, tax deduction of Rs 1 lakh was available under 80C. Experts say that if the section 80C limit is increased, then common people will be encouraged to save more.

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