{"id":269446,"date":"2022-07-02T11:30:29","date_gmt":"2022-07-02T06:00:29","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=269446"},"modified":"2022-07-02T10:46:08","modified_gmt":"2022-07-02T05:16:08","slug":"cbdt-specifies-non-fungible-token-as-virtual-digital-asset","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/02\/cbdt-specifies-non-fungible-token-as-virtual-digital-asset\/","title":{"rendered":"CBDT specifies non fungible token as virtual digital asset"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"text-indent: 18pt;\">&#160; &#160;<\/p>\n<p style=\"text-indent: 18pt;\">The Central Government has specified 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 <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0001559499\">2<\/a> of the <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002955939\">Income-tax Act, 1961<\/a> 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.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>&#160; &#160; The Central Government has specified a token which qualifies to be a virtual digital asset as non-fungible token within the 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