Capital Gain
This query is : Open
Lalit Ahuja
(Querist)
24 August 2009
An assesse defaulters with the bank having mortgaged property is auctioned by lender institution and has capital gain not realised but adjusted towards dues of the defaulter with lender. Taxability in the hands of defaulter assesse in view of the fact that consideration has not been realised to the assesse and no other source to pay taxes.
An assesse defaulters with the bank having mortgaged property is auctioned by lender institution and has capital gain not realised but adjusted towards dues of the defaulter with lender. Taxability in the hands of defaulter assesse in view of the fact that consideration has not been realised to the assesse and no other source to pay taxes.
Manmohan ACA, CS
(Expert)
25 August 2009
It is a tranfer and capital gain will arise thus tax shall be levied
Lalit Ahuja
(Querist)
25 August 2009
An assesse defaulters with the bank having mortgaged property is auctioned by lender institution and has capital gain not realised but adjusted towards dues of the defaulter with lender. Taxability in the hands of defaulter assesse in view of the fact that consideration has not been realised to the assesse and no other source to pay taxes.
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