NFT whose transfer results in a transfer of ownership of an underlying tangible asset isn’t VDA: CBDT
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- By Chetan Kulasri
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- Last Updated on 2 July, 2022
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Notification No. 75/2022, dated 30-06-2022
Clause (a) of Explanation to Section 2(47A) provides that all NFTs will not be considered VDAs, but only those will be considered as NFTs which are notified by the Govt.
Exercising such power, the Central Government has specified that an NFT, whose transfer results in the transfer of ownership of the underlying tangible asset and the transfer of ownership of such underlying tangible asset is legally enforceable, shall not be treated as VDA.
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