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Help needed: Best way to accept Crypto payment

pikashinchu

TF Premier
RML Group
Hello, my brother has to provide some Crypto address ID to accept Bitcoin that he is going to get as stipend in internship. They provide only bitcoin and it's going to be around 3K us dollars in value.

Which app will be best to accept crypto?
Also any tax angle to this if anyone has any idea? He is just a student and doesn't have any other income aside some small freelance.

Please help if anyone has any idea, I am also researching.
 
Replying with the limited knowledge I have about this.

He can receive via any btc wallet. Coindcx is one option.

Once he receives it, they will ask for verification about the nature of the transaction. They may even ask for the local ID of the sender for proof.

Crypto is taxable and most likely tds will be cut before it reaches his account.
 
Better to use non custodial wallet especially hardware wallet like Ledger Nano or Trezor or Safepal. Also, can consider non custodial wallet apps like Safepal or Trust wallet. Later you can exchange the crypto to your known person for Fiat.
Don't take crypto directly through Indian exchanges. It is highly taxable and won't be fruitful if you'll go through this route.
Also, do proper research before accepting the crypto & do your diligence.
 
Replying with the limited knowledge I have about this.

He can receive via any btc wallet. Coindcx is one option.

Once he receives it, they will ask for verification about the nature of the transaction. They may even ask for the local ID of the sender for proof.

Crypto is taxable and most likely tds will be cut before it reaches his account.
But still if tds is cut, we can't we file this in ITR, in the end, it's not a capital gains or loss.

I get everyone says Crypto is highly taxable, but the taxability is on the gains right?
 
Better to use non custodial wallet especially hardware wallet like Ledger Nano or Trezor or Safepal. Also, can consider non custodial wallet apps like Safepal or Trust wallet. Later you can exchange the crypto to your known person for Fiat.
Don't take crypto directly through Indian exchanges. It is highly taxable and won't be fruitful if you'll go through this route.
Also, do proper research before accepting the crypto & do your diligence.
The problem with these approaches I feel is safety and hassle. I don't want that much hassle or trouble to be honest.

Still, will explore this as well, thanks!
 
The problem with these approaches I feel is safety and hassle. I don't want that much hassle or trouble to be honest.

Still, will explore this as well, thanks!
Don't think there is much hassle with the method that I have specified. Because the amount of crypto you're about to receive will be the same as given by the sender, unlike crypto exchanges where they will deduct 30%+GST (for virtual currency) regardless of gain/loss along with 1% TDS for doing each transaction.
Whereas if you receive crypto directly to your wallet, where you hold the full control of your crypto, you can exchange it with fiat by doing it with some credible folks around your community, which will save the tedious amount of tax on your virtual assets. Still, I would suggest post this query to the crypto community on Reddit for better understanding & suggestions.
 
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