It is stated that users in India who benefit from Terra airdrop may encounter tax surprises.
According to a report by Bloomberg, Indian users may now face a tax burden after losing their assets with the collapse of LUNA and UST. Manhar Garegrat of CoinDCX, one of the country’s leading crypto-asset trading platforms, claimed that the airdrop could be seen as revenue due to the vague wording in the country’s recently enacted crypto-asset law.
As is known, India’s controversial crypto tax law has been in effect since April. The law charges a sizable 30% tax on crypto earnings.
