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No relief: Airdropped LUNA 2.0 tokens might be taxable in India at 30%
After the crash of the LUNA and UST tokens, the project was rebranded to Luna Classic while a new chain was created whose token was LUNA 2.0. The people who owned LUNA tokens before and after the crash were provided with LUNA 2.0 tokens. These airdropped LUNA 2.0 tokens are also taxable in India, according to a report from Bloomberg.
Taxes on LUNA 2.0 in India?
The government of India has no plans to go slow on taxation on cryptocurrencies as it ranks digital assets in the same category as gambling, race betting, and other similar forms of profits. Hence, the people who were airdropped LUNA 2.0 tokens in their wallets will have to pay a tax of 30% on their tokens.It is important to note that the government of India introduced a 30% tax on crypto profits and 1% TDS on all transactions related to the same. As a result, a person receiving income in Bitcoin will be taxed at 30%. Currently, there are no directions as to how airdrops are taxed, but Jay Sayta, a technology and gaming lawyer, and Manhar Garegrat, executive director of policy at crypto exchange CoinDCX, believe that airdrops will be taxed at the same rate as cryptocurrencies, i.e., 30%.
According to Rajagopal Menon, vice president at WazirX, an Indian crypto exchange owned by Binance, 160,000 investors held LUNA on the exchange on May 9, and by May 15, the number grew by 77% in India. The number of UST holders remains unclear.
Worst-case scenario
Meyyappan Nagappan, leader, digital tax at Nishith Desai Associates, pointed out the worst-case scenario for this situation for LUNA 2.0 holders in the nation, wherein the taxes on LUNA 2.0 might prove harmful for the holders."There could be a scenario where people have received tokens above INR50,000, and if it's treated as a gift, you'll have to pay taxes on it, but by the time they sell it, if the price falls, then you'll actually realize lesser money, and you may actually go more out of pocket in paying taxes than what you recover, and that is the worst-case scenario for them as Luna 2.0 was actually issued to compensate."
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