Crypto-to-crypto swap tax calculator (India)
By BtcMedia Research · Updated
In India, giving up one coin for another counts as a sale. The coin you give is treated as sold at the rupee value of the coin you receive that day, and that value becomes the new coin’s cost. Each swap’s gain is taxed at 30% plus 4% cess, but a loss on one swap can’t cut the gain on another. Enter your swaps one by one.
From real prices: ₹1,00,000 of bitcoin bought on 1 Apr 2025, rotated between BTC and ETH on the 1st of every month (11 swaps), then sold for rupees on 31 Mar 2026, ends at ₹1,16,809: a real profit of ₹16,809. The tax is ₹47,513, 283% of that profit, because ₹1,35,475 of losses along the way count for nothing. After paying it you have ₹69,296, ₹30,704 less than you started with. Open this example in the calculator
Your swaps
Pre-filled with our guide’s example: ₹1 lakh of BTC swapped for ₹1.5 lakh of ETH, then for ₹1.1 lakh of another token, then sold for ₹1.2 lakh.
The total you paid when you bought it (your cost).
The coin’s rupee value on that day. On the last line, put the rupees from a sale or what your coins are worth now. Blank lines are skipped.
Result
Your real profit is ₹20,000, but the tax is ₹18,720, 94% of it, because ₹40,000 of swap losses can’t cut the gains. Taxed on the net result alone, it would be ₹6,240: swapping costs you ₹12,480 extra. The ₹3,800 of 1% TDS counts towards it, leaving ₹14,920 to pay.
| # | Value received | Cost | Gain / loss | Tax (31.2%) | 1% TDS |
|---|---|---|---|---|---|
| 1 | ₹1,50,000 | ₹1,00,000 | +₹50,000 | ₹15,600 | ₹1,500 |
| 2 | ₹1,10,000 | ₹1,50,000 | −₹40,000 | ₹0 (loss ignored) | ₹1,100 |
| 3 | ₹1,20,000 | ₹1,10,000 | +₹10,000 | ₹3,120 | ₹1,200 |
| Real result (first cost to last value) | ₹20,000 |
|---|---|
| Total tax on the swaps | ₹18,720 |
| Losses that can’t be used | ₹40,000 |
| Tax if only the net result were taxed | ₹6,240 |
| Extra tax from swapping | ₹12,480 |
| 1% TDS deducted (credited against the tax) | ₹3,800 |
| Left to pay after TDS (− = refund) | ₹14,920 |
Assumptions: individual, resident; 30% + 4% cess = 31.2% on the gain of each swap and sale; a loss means no tax on that move, but the loss can’t be used anywhere; fees and gas aren’t deductible; no surcharge (income up to ₹50 lakh). TDS is taken as 1% of each move’s value; it isn’t deducted below ₹50,000 a year (₹10,000 for some people) or on a DEX, so untick the box then.
Don’t know a coin’s rupee value on a swap date? Look it up in the price-on-date tool
Rotating BTC and ETH every month in tax year 2025-26
The whole amount switched into the other coin at the close on the 1st of each month. This is not advice or a strategy, just the rule worked through on real prices.
| Date | Move | Value received | Gain / loss | Tax |
|---|---|---|---|---|
| 1 May 2025 | BTC → ETH | ₹1,11,888 | +₹11,888 | ₹3,709 |
| 1 Jun 2025 | ETH → BTC | ₹1,56,372 | +₹44,484 | ₹13,879 |
| 1 Jul 2025 | BTC → ETH | ₹1,56,378 | +₹6 | ₹2 |
| 1 Aug 2025 | ETH → BTC | ₹2,31,832 | +₹75,454 | ₹23,542 |
| 1 Sept 2025 | BTC → ETH | ₹2,25,409 | −₹6,423 | ₹0 |
| 1 Oct 2025 | ETH → BTC | ₹2,28,644 | +₹3,235 | ₹1,009 |
| 1 Nov 2025 | BTC → ETH | ₹2,12,033 | −₹16,611 | ₹0 |
| 1 Dec 2025 | ETH → BTC | ₹1,54,601 | −₹57,432 | ₹0 |
| 1 Jan 2026 | BTC → ETH | ₹1,59,553 | +₹4,952 | ₹1,545 |
| 1 Feb 2026 | ETH → BTC | ₹1,23,369 | −₹36,184 | ₹0 |
| 1 Mar 2026 | BTC → ETH | ₹1,04,544 | −₹18,825 | ₹0 |
| 31 Mar 2026 | ETH → rupees | ₹1,16,809 | +₹12,265 | ₹3,827 |
| Total (real profit ₹16,809) | ₹1,35,475 of losses unused | ₹47,513 | ||
For comparison, the same ₹1,00,000 held in BTC all year was worth ₹87,762 on 31 Mar 2026 (a loss, no tax), and held in ETH ₹1,20,945 (₹6,535 of tax on a sale). The rotation got to ₹1,16,809, but ran up ₹47,513 of tax. Taxed on the net result alone, it would have been ₹5,244.
Prices: Bitstamp daily close (UTC) × ECB USD/INR. Fees, spreads and coins withheld as TDS are not counted; 1% TDS on every move (₹19,814 in all) would be credited against the tax.
How each swap is worked out
Say you give ₹1,00,000 of BTC and receive ₹1,50,000 of ETH. The BTC is treated as sold for ₹1,50,000: a ₹50,000 gain and ₹15,600 of tax. The ETH now has a cost of ₹1,50,000. If you swap that ETH for a ₹1,10,000 token, that is a ₹40,000 loss, but it can’t cut the ₹50,000 gain before it. That is why frequent swapping can be taxed far above your real profit.
Read more: Swapping Bitcoin for Ethereum is a sale in India · CBDT Circular 13/2022: TDS on swaps
FAQ
Is a BTC-to-ETH swap taxed in India?
Yes. Income from the transfer of a VDA is taxed at 30% plus 4% cess under section 194 of the Income-tax Act, 2025 (formerly 115BBH), and giving up one coin for another is a transfer. Even if you never touch rupees, a swap that lands on a gain is taxed in the year it happens.
What is the cost of a coin I got in a swap?
Its rupee value on the swap day, the same amount the old coin is treated as sold for. That becomes the cost you subtract at the next swap or sale, so note the date and the rupee value of both coins for every swap.
Can a loss on one swap reduce tax on another?
No. A crypto loss can't be set off against any crypto gain or carried forward. On our guide's example (₹1 lakh of BTC, three moves, a real ₹20,000 profit) this calculator gives ₹18,720 of tax, 94% of the profit.
Who deducts the 1% TDS on a swap?
In a swap each side is both a buyer and a seller, so the Income Tax Department says TDS can apply on both sides. On an Indian exchange, the exchange usually deducts it. On a DEX such as Uniswap nobody deducts it, but the gain is still taxed. TDS is credited to your PAN and reduces the tax in your ITR.
Can I deduct gas or exchange fees on a swap?
No. Only the cost of acquisition is deductible on a crypto transfer, no expenses.
Sources: Income-tax Act, 2025 (Gazette) · Income Tax Department: TDS on VDA transfers · Income Tax Department: taxation of VDA · The Hindu: CBDT circular on swaps · Prices: Bitstamp daily close × ECB USD/INR. Rules checked on 31 October 2026.
Not tax advice. This is an educational estimate. Check your swaps with a chartered accountant before you file.
Related: Crypto tax calculator · Crypto loss set-off calculator · Schedule VDA CSV builder · 1% TDS calculator · Ethereum gas fee in ₹
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Updates to this page
Last updated . We log every material change. Spot an error? See our corrections policy.
- Tool launched: crypto-to-crypto swap tax calculator. Up to 12 swaps or sales, each taxed at 31.2% on its own gain with losses ignored and cost carried to the next coin, the extra tax versus taxing only the net result, and 1% TDS as a credit or refund. Real-price example: ₹1 lakh rotated between BTC and ETH every month in FY 2025-26.