Are stablecoins taxed in India?

Are Stablecoins Taxed in India?

Stablecoins (e.g. USDT, USDC) are virtual digital assets. When you sell them for INR or swap them for another crypto, any gain is taxable at 30% (plus surcharge and cess). The fact that they are "stable" does not change the tax treatment. Interest or yield from lending stablecoins may also be taxable. Keep records of purchase cost and sale/swap value. Same reporting and TDS rules apply as for other crypto.