Bitcoin Fan : I will pay Income Tax of INR 2,200,173 by March 2019


A Bitcoin fan challenges to pay an Income tax to the Indian Government of Rs. 2,200,173/- and GST of 18% if applicable of Rs. 1,277,640/- buy investing Five Crypto currencies this year including Bitcoin and Ethereum.

Here is what he has planned the investment for today the 9th January 2018 as given below

According to the chart above the plan of this anonymous bitcoin fan discloses that he is going to invest in five Crypto Coins that is An Amount of Rs.22,000/- (USD 301.2) in BTC , An amount of Rs. 24,600/-  in ETH, In Ripple (XRP) he is not be investing much but will stay invested with Rs.17,500/- along with an highest investment of Rs. 46,000/- in Stellar (XLM) hold 1000 XLM coins and lastly he hold some investment in Litecoin (LTC) worth Rs. 19,500 as on date according to him if according to the predictions given by the big crypto currency influencer’s like for example John Macfee in his tweet he mentions bitcoin to touch $50,000/- in 2018 similarly the other altcoins were also predicted to touch the prices stated in above chart this year that is ETH will reach $20,000/- , XRP to Reach $10, XLM to reach $100 and LTC to reach for maximum high of $1,200/- if all hold good if everything goes as per the trend what happened to be true in year 2017 and I did not invest much that time now I’m firm in my decision and will invest according to the above chart and if it gets through then I’m voluntarily going pay an Income Tax to the Government of India a Sum of Rs. 2,200,173/- ( Rupees Twenty Two Lakh One Hundred and Seventy Three Only ) and if the Government says GST of 18% is applicable then ill ensure that ill pay the same that is an amount of Rs. 1,277,640/- (Rupees Twelve Lakh Seventy Seven Thousand Six Hundred and Forty only ) all together in total by in investing in Bitcoin as fan will have to pay a total of Rs.3,477,813 /- (Thirty Four Lakh Seventy Seven Thousand Eight Hundred and Thirteen Only ) the calculations are calculated based on the invested amount of Rs.1,29,000/- in Bitcoin and other coins like Stellar and expected to yield of Rs. 7,098,000/- (Seventy Lakh Ninety Eight Thousand Only) or even more Tax may have to be paid if the value increases more than the prediction like that the case of year 2017. In year 2017 the experts had predicted bitcoin value will reach Rs 3,00,000/- but to our surprise it touched and all time high crossing Rs 14,00,000/- and if the trend continues then the experts predictions may be the lowest possible price what they have quoted for safer investment .