No Income Tax on Transfer of NFT: CBDT notifies Exclusion of Non-Fungible Token as Virtual Digital Asset [Read Notification]

By Taxscan Team - On July 1, 2022 8:16 pm - 2 mins read
Income Tax - Transfer of NFT - NFT - CBDT - Non-Fungible Token - Virtual Digital Asset - taxscan

In a significant move, the Central Board of Direct Taxes (CBDT) has notified that the Non-fungible token (NFTs) shall not be treated as Virtual Digital Assets for the purpose of section 2(47) of the Income Tax Act, 1961. A notification issued last day stated that “the Central Government hereby specifies a token which qualifies to…

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