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Business News/ Money / Personal Finance/  Cryptocurrency for Rakhi 2023: Thinking of gifting Bitcoin, Ether to your sister? Key things you should know
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Cryptocurrency for Rakhi 2023: Thinking of gifting Bitcoin, Ether to your sister? Key things you should know

Rakhi festival sees a shift from traditional gifts to new-age assets like stocks, mutual funds, and cryptocurrency. Gifting crypto adds a modern twist to the tradition and promotes financial empowerment

Representations of cryptocurrency Bitcoin are placed on a PC motherboard, in this illustration taken June 16, 2023. REUTERS/Dado Ruvic/Illustration (REUTERS)Premium
Representations of cryptocurrency Bitcoin are placed on a PC motherboard, in this illustration taken June 16, 2023. REUTERS/Dado Ruvic/Illustration (REUTERS)

The festival of Rakhi is here. This time, the sacred thread festival of siblings' love is celebrated on two days- Today (August 30), and tomorrow (August 31). The first thing that comes to mind with the festival is gifts. People have started to move away from traditional gifting options such as cash and gold, to new-age financial gifts like stocks, mutual funds, and even cryptocurrency.

What is cryptocurrency

Cryptocurrencies are digital currencies designed to buy goods and services. These virtual assets do not require any intermediary like banks, or financial institutions for their operations.

Also Read: Is gifting cash to your sister taxable? Income tax rules explained here

Cryptocurrency as a gift for Rakhi 2023

Sharing cryptocurrency as a gift has now become easier. Currently, some of the most popular coins that can be gifted are Bitcoin, Ether, cardano, Tether, and Dogecoin.

According to Edul Patel, CEO and co-founder of Mudrex, gifting cryptocurrencies adds a modern twist to an age-old tradition. This take on gift-giving not only acts as a meaningful token of your love but also introduces recipients to the world of digital assets. 

“Gifting crypto aligns with the notion of offering value through digital means and capitalizing on the potential for appreciation and stability, enhancing the overall gifting experience," said Edul Patel.

Also Read: From SIPs to Gold ETFs to green FDs. List of financial gifts you can give your sister this Rakhi

Tax Benefits & other benefits of gifting crypto

With the provision of a tax exemption of up to 50,000 for various forms of gifting, including cryptocurrencies, this circumstance presents a viable avenue to offer gifts that promote financial empowerment through the integration of digital assets, added Edul.

Is crypto taxed in India?

In India, cryptocurrencies are classified as virtual digital assets and are subject to taxation. The gains from cryptocurrency are taxable in India. The government's stance on cryptocurrencies was clarified in the Union Budget 2022.

ABOUT THE AUTHOR
Sangeeta Ojha
A business media enthusiast. Writes on personal finance, business and banking.
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Updated: 30 Aug 2023, 02:27 PM IST
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