Government will do everything to get every single penny from your wallet. Indian government also announced that they are going to tax 30% in crypto. Its even higher than the normal tax bracket.
My question to them is - Are they going to compensate any loses too?
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Not a compensation, but if you are a trader, you can sell at a loss to capture that tax loss as an asset to offset gains somewhere else. But really only professional traders are doing that, and normies won't really have the capital to fully exploit those loop holes