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The Central Government specifies that a non-fungible token qualifies as a virtual digital asset under section 2 of the Income-tax Act. The definition excludes any non-fungible token whose transfer results in the legally enforceable transfer of ownership of an underlying tangible asset. This notification comes into force from the date of publication in the Official Gazette.
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THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 30th June, 2022 (Income-tax)
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 non- fungible 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.
[Notification No. 75/2022/F. No. 370142/29/2022-TPL (Part-I)] ANKIT JAIN, Under Secy.
