Guwahati: Union Finance Minister Nirmala Sitharaman in her Budget Speech 2022 stated that there will be a charge of 30 per cent tax on the income from the transfer of virtual digital assets. 

She also added that there will be no set-off in terms of losses.

Even gifts in virtual digitals assets will be taxable and the recipient of such assets will be taxed.

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Also, gifts in virtual digital assets would be taxed in the hands of the recipient.

In her speech, Sitharaman said that a Blockchain-based Central Bank Digital Currency (CBDC) backed by RBI will also be introduced by 2023.

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It may be mentioned that before the Budget Speech, there were assumptions that there might not be any address on the topic while some Cryptocurrency experts and investors were expecting clarity on taxation of gains from crypto assets. 

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