You have to look at the price you bought the tokens, then you look at the price the moment you gave them.

Add 1+1 and see if you are at gain or loss

Do your taxe reports based on this. Your friend will have to pay taxes too on what he gets if it works like in the USA and Canada but since he is in India I don't know.

Any way giving assets to a friend is a way to be taxed twice, you still have to report your gains or loss, and your friend still have to report the value he received.

Don't take what I say for cash since I assume in the USA it works closely like we do in Canada(our system is better than yours when we are at loss any way, we ain't limited to 3000$ deduction per year and we can report it to other years)