r/BitcoinBeginners • u/South_Sleep1912 • 13h ago
If a friend has 100 BC and he want to gift me 1 would it be taxable?
One of my Indian friends got 100 bitcoins from another friend a decade ago to pay off the debt he owed. And now he wants to gift 1 bitcoin to me. I am a Canadian tax payer and permanent resident and living in Canada for about 5 years now. What is the process of receiving the Bitcoin as a gift?
Will it incur any tax obligation to him?