Non fungible token as virtual digital asset
S.O. 2959(E).––In exercise of the powers conferred by clause (a) of Explanation to clause (47A) of section 2 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred as ‘the Act’), the Central Government hereby specifies a token which qualifies to be a virtual digital asset as non-fungible token within the meaning of sub-clause (a) of clause (47A) of section 2 of the Act but shall not include a nonfungible token whose transfer results in transfer of ownership of underlying tangible asset and the transfer of ownership of such underlying tangible asset is legally enforceable.
- This notification shall come into force from the date of publication in the Official Gazette.
Read More:
- Exclusion of digital assets from definition of virtual digital asset
- New sections on Virtual Digital Assets under the income tax
- Section 194S: Payment on transfer of virtual digital asset
Read More on Income-tax, CBDT
