capital gains
This query is : Resolved
24 December 2008
person has taken a loan from the bank for rs. 5 crores against the secuiry. he was enable to repay the loan then bank sold his property for rs. 55 crores . the asset in this case was self generated. what will be the capital gain consequencies of capital gain for the person who has taken the loan and on bank which sold that asset?
URGENT
URGENT
24 December 2008
The borrower has to pay capital gains tax. For that, loan amount will not be deducted from the sale value. Bank has no tax liability in the given issue.
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