Terra users in India may face tax surprises

It is stated that users in India benefiting from Terra Airdrop may experience tax surprises.

According to a report by Bloomberg, Indian users could now face a tax burden after losing their wealth in the collapse of LUNA and UST. Manhar Garegrat of CoinDCX, one of the country’s leading crypto asset trading platforms, claimed that the airdrop could be considered revenue due to the vague wording in the country’s recently enacted crypto asset law.

India’s controversial crypto tax law has been in effect since April. The law imposes a hefty 30% tax on crypto earnings.