• Capital gains for crypto when purchase statements are unavailable

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?
Asked 1 year ago in Capital Gains Tax

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 

Lalit Bansal
CA, Delhi
756 Answers
59 Consultations

5.0 on 5.0

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 

Lalit Bansal
CA, Delhi
756 Answers
59 Consultations

5.0 on 5.0

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..

 

 

Naman Maloo
CA, Jaipur
4065 Answers
70 Consultations

5.0 on 5.0

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