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Frequently asked questions
ADA is a popular digital asset on the market that is actively in use. Its history and the predictions of its future show that ADA can be a good option for people who consider buying a crypto and take their first steps to this market.
In India, cryptocurrency is subject to taxes, and it’s important to report it correctly to avoid
penalties and fines. You are advised to keep detailed records of all your cryptocurrency
transactions, including the date of the transaction, the type of cryptocurrency, the amount, and
the value in INR at the time of the transaction. Also, keep proof of payment of taxes, such as the
receipt of tax payment, as you may need to provide it as evidence in case of an audit. It’s
important to consult a tax expert or a financial advisor if you’re unsure about how to report
cryptocurrency taxes in India, as the rules and regulations can be complex. Filing taxes correctly
can help you avoid penalties, fines, and legal issues in the future.
In India, according to the Income Tax Act, there are some situations where you will not have to
pay taxes on your cryptocurrency. These include:
● Transferring crypto between your own wallets: When you transfer crypto from one of
your wallets to another, you won’t have to pay taxes on it.
● Receiving gifts of crypto: If you receive a gift of cryptocurrency worth up to RS 50,000 or
more from close family members, you won’t have to pay taxes on it.
It’s important to note that these exemptions are subject to change and it’s always best to consult
a tax expert to determine your specific tax liabilities.
ADA and XRP are both well-known coins on the market, both are fast, cheap, and energy-efficient. Furthermore, most of the top brands support them as trusted currencies. However, some experts believe that ADA might perform slightly better than XRP in the future because it has a more promising blockchain.
The adoption of cryptocurrency in India is growing, but the exact number of individuals owning
crypto assets is not publicly available. Moreover, it is challenging to determine the exact number
of crypto owners as many people hold crypto assets anonymously. However, according to triple
A data in 2022 collected by crypto professionals, it’s estimated that about 11.5% of the Indian
population, which would be around 157 million people, may hold some sort of crypto assets.
The future of every cryptocurrency is unpredictable; but experts and analysts believe that Cardano is one of the coins that may perform well on the market in the future.