The CBDT vide Notification No. 75/2022 dated June 30, 2022 has issued the Income-tax (Twenty Eighth Amendment), Rules, 2022 to further amend the Income-tax Rules, 1962 (“the IT Rules”), in order to specify a Non-Fungible Tokens (“NFT”), to qualify to be a virtual digital asset, but shall not include a NFT whose transfer results in transfer of ownership of underlying tangible asset and the transfer of ownership of such underlying tangible asset is legally enforceable.
The Notification can be accessed at: https://egazette.nic.in/WriteReadData/2022/236918.pdf
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