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CAPITAL GAIN

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 June 2011 One Pvt Ltd CO. has loan of Rs. 1 cr and its property is hypothected by the bank worth rs. 3 cr and the co is unable to repay the loan and the bank auction the property for Rs. 4.8 of the co...I would like to know whether Capital gain would arise for the difference amount

CA Sumat Singhal

CA Sumat Singhal (Expert)
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09 June 2011 Transfer includes relinquishment of title so in above case i suppose capital gain will be attracted..

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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09 June 2011 CAP GAIN WILL BE ATTRACTED AND NO DEDUCTION WILL BE ALLOWED FOR THE LOAN AMOUNT

CA MANOJ GUPTA
JODHPUR
09828510543

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