https://www.taxtmi.com/caselaws?id=763581 The ITAT Jodhpur ruled that Bitcoin sale gains prior to AY 2022-23 should be taxed as capital gains, not income from other sources. The tribunal held that cryptocurrency was an asset even before its statutory definition in FA 2022, effective 01.04.2022. The assessee, a salaried individual who held Bitcoin from FY 2015-16 to FY 2020-21, demonstrated investment intent rather than trading activity. Since the holding period exceeded 36 months, qualifying as long-term capital gains, the assessee was entitled to deduction under section 54F for house purchase investment. en-us Thu, 28 Nov 2024 00:00:00 +0530 Mon, 23 Dec 2024 08:43:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763581 The ITAT Jodhpur ruled that Bitcoin sale gains prior to AY 2022-23 should be taxed as capital gains, not income from other sources. The tribunal held that cryptocurrency was an asset even before its statutory definition in FA 2022, effective 01.04.2022. The assessee, a salaried individual who held Bitcoin from FY 2015-16 to FY 2020-21, demonstrated investment intent rather than trading activity. Since the holding period exceeded 36 months, qualifying as long-term capital gains, the assessee was entitled to deduction under section 54F for house purchase investment. Case-Laws Income Tax Thu, 28 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763581