Bitcoin tax implication while relocating from USA to India

Amazon
hhfsskghhh

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hhfsskghhh
May 23, 2019 11 Comments

I bought some bitcoin on Coinbase about 3 years back and moved them to a hardware wallet. Now, I am planning to permanently relocate to India for personal reasons.

1. Can I keep my bitcoin and sell it off after may be 1 year on an Indian exchange?

2. Do I have to pay any tax to US government on gains (if there are any, lol) when I sell?

3. I know I will have to pay tax to Indian government. Will that be taxed like any long-term capital gain?

Thanks!

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 TOP 11 Comments
  • Apple
    xJRL58

    Go to company page Apple

    xJRL58
    as soon as you move your coin from coinbase to your wallet, you have to pay gain tax.
    May 23, 2019 2
  • Uber
    OlgX61

    Go to company page Uber

    OlgX61
    Can you keep a coin base account if you move to India?
    May 23, 2019 2
    • Amazon
      hhfsskghhh

      Go to company page Amazon

      hhfsskghhh
      OP
      I don’t trust keeping coins on Coinbase for a longer time since it doesn’t give you a true custody of those coins and are prone to hacks, etc. I move them to an exchange only if I want to sell them.
      May 23, 2019
    • Uber
      OlgX61

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      OlgX61
      But for you know if we can keep the coin base account ?
      May 23, 2019
  • Google / Eng
    grx

    Go to company page Google Eng

    PRE
    Microsoft
    BIO
    14 yoe engineer in tech
     grx
    You will pay long term gains when you sell bitcoins. Based on which country has a better tax rate for it at that time, sell at a time when you are tax resident of that country.
    Also, you should keep your coinbase and us bank accounts active, so even in india, it is better to sell bitcoin on coinbase, and deposit to US bank account.
    This is bcoz india has banned all banks to work with any crypto exchanges
    Jun 12, 2019 1
    • Google / Eng
      grx

      Go to company page Google Eng

      PRE
      Microsoft
      BIO
      14 yoe engineer in tech
       grx
      Also there is a proposed law in india, to make it illegal to hold any crpto. So as soon as you move to india, keep an eye on the law. It could make u a criminal, if it gets passed. India is very anti crypto, so be very careful holding crypto when in india
      Jun 12, 2019
  • Google
    gliz

    Go to company page Google

    gliz
    When you move out of the US you may need to pay exit tax if no longer citizen or gc. If you keep US ties you are supposed to file tax every year even if not in the US.
    May 24, 2019 0
  • FactSet
    QAiE55

    Go to company page FactSet

    QAiE55
    There are clearly defined rules for publicly held companies. You are taxed at 20% of gains. For private companies, bitcoin etc you are taxed at your tax bracket. I am assuming you are in 30%. Though you pay tax when you get real money either in usd or inr. I would personally sell bitcoin and keep money in usd. INR will depreciate 3 to 4% every year.
    May 23, 2019 0