capital gain
This query is : Resolved
19 December 2009
i have a question related to capital gain...
suppose an assessee has mortgaged a house property with bank, and took a loan...
the asseessee failed to pay the same, the bank sold that house property in market and fetched the enough amount to get back its amount of loan...
if that house is long term asset, and the excess amount fetched by bank returned to the assessee, then will it be considered as a capital gain??
wheather it is considered as a transfer or not??
suppose an assessee has mortgaged a house property with bank, and took a loan...
the asseessee failed to pay the same, the bank sold that house property in market and fetched the enough amount to get back its amount of loan...
if that house is long term asset, and the excess amount fetched by bank returned to the assessee, then will it be considered as a capital gain??
wheather it is considered as a transfer or not??
19 December 2009
Yes; it is a long term asset hence amount realized is transfer and capital gains tax is applicable.
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