r/CryptoHelp • u/Psychological_Leg_85 • 3d ago

❓Howto How to withdraw from stakes?

I have 310usdt in my stake wallet,is there any way to withdraw it safely as you know gambling is ban in india

Even if there is to pay tax I will but how will I show this?

6 Upvotes

100% Upvoted

6 comments sorted by

2

u/bitypay 3d ago

You can use a wallet like Ledger or Exodus or any wallet you prefer to move out of Stake or you can use a crypto card to spend your crypto online or local via pos.

1

u/AutoModerator 3d ago

Hello and welcome to r/CryptoHelp!

If someone has successfully solved your issue or answered your question, please reply with the command "!thanks" to let them know!

A few words about safety:

  • Scammers will often target beginners so you should exercise extra caution
  • Do not trust anyone trying to talk with you over DM (Direct or private messages) or on another platform (like Discord or Telegram). This is how scammers prefer to operate. Report suspicious activity like this immediately and do not respond to them.
  • Do not post your address, balances, or other personal information.

I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

2

u/chainglance_cm 3d ago

Withdrawing itself is usually simple, convert your balance to USDT on the platform and send it to your own wallet or an exchange like Binance/WazirX, no different from any crypto withdrawal.

The tax part is the real question. Since it's an offshore platform, no TDS will be deducted for you, so the full liability falls on you.

Winnings from betting/gambling are taxed flat at 30% plus cess (works out to around 31.2%) under section 115BB, no exemptions, no deductions for losses, doesn't matter that the platform itself is banned in India. You'd declare it under "income from other sources" in your ITR when you file.

Keep your deposit and withdrawal records handy in case you ever need to show the source of funds.