Cashing out is the buy flow in reverse. If you're new to selling on P2P, the steps are familiar but the verification responsibility shifts to you.
Step 1 — Have USDT in spot
If your USDT is on a wallet, deposit it to Binance spot (network: TRC-20 for cheapest fee, ~$1). Wait for it to credit (1-3 minutes for TRC-20).
Step 2 — Pick a buyer ad
Trade > P2P > Sell USDT tab. Sort by price descending. Pick a buyer with high completion rate and meaningful trade count.
Avoid buyer ads with unusually high prices — those are sometimes traps where the buyer plans to dispute or chargeback.
Step 3 — Open the trade
Click Sell, enter amount, click Sell USDT. Your USDT moves immediately to escrow. The buyer is now obligated to pay.
Step 4 — Wait for buyer payment
Buyer transfers INR via UPI/IMPS to your registered account. They click 'Transferred' and post the UTR in chat.
Your job: open your bank's official app. Verify the credit. Check sender name matches buyer's KYC name. Check UTR matches.
Step 5 — Release
Only after verification, click Release. USDT moves from escrow to buyer's wallet. Trade complete.
If something is off — name mismatch, amount mismatch, no credit visible — DO NOT release. Raise a dispute via the platform.
Step 6 — Tax bookkeeping
TDS at 1% will be auto-deducted by Binance from the released USDT (visible in 26AS within ~24 hours). Your sale gain (sale price - cost basis) is taxable at 30% under 115BBH at ITR time.
Key takeaways
- Sell flow = reverse of buy; verification shifts to you.
- ALWAYS verify bank credit independently before releasing.
- Disputes resolve in seller's favour when documentation is complete.
- Track every sale for ITR — Schedule VDA needs the data.
