I made some crypto investments in 2018 through a platform named Koinex. Later I transferred those to my Binance account (where I made a lot of intra coin trades) and I sold my crypto recently and cashed out into INR using a platform called Wazirx. Now, I have complete statements from Binance and Wazirx, but I do not have the transaction statement from Koinex, where I made the purchase. So should I calculate my capital gains using my bank statement from that time (to approximate the buying price), is that acceptable?
Hii
You can calculate approx amounts through bank statements but for exact calculation you need statement of account of your broker account because when we add amount to broker amount, some times we purchase coins immediately some after waiting for desire rates this may take 1-2 days and even more time depending on circumstances.
these minor time difference some time plays valuable role to identifying short term/long term period
Forgot to add in my original question: I do not have transaction statement from Koinex (the platform through which I made the purchase) essentially because it went out of business, so there is no way I can get the exact information, other than approximating this based on my bank statement. What should I do?
Then we have no other option
we can calculate gain/loss on basis approximate rates or for safer side on bank date you can take average rate of the coin on that day of initial purchase
by doing so if any enquiries arise from department we can aage ourselves
What is the Quantum of that transaction.
Prima facie approximating cost using bank statement won't be acceptable.
May be you can find some other way..
