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of <h1>Government Classifies NFTs as Virtual Digital Assets Under Income-tax Act, Excludes Tangible Asset Transfers.</h1> The Central Government, through Notification No. 75/2022 dated June 30, 2022, specifies that a token qualifying as a virtual digital asset is recognized as a non-fungible token (NFT) under the Income-tax Act, 1961. However, this classification excludes NFTs whose transfer results in the transfer of ownership of an underlying tangible asset, provided that the transfer of such ownership is legally enforceable. This notification is issued by the Ministry of Finance, Department of Revenue, and will be effective from the date of its publication in the Official Gazette.
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