Capital gains
This query is : Resolved
shweta madan
(Querist)
16 June 2015
suppose there is two companies A and B co. A co. had a land so co. B give him loan but in return of it A co mortgage land to co.B now co. A is not in a position to repay the loan so co. B acquire the land so what is the tax treatment in the hands of co
B
CA. Sunil Gokhale
(Expert)
16 June 2015
In the hands of B interest on loan charged by B, if any, will be taxed on due basis. The cost of acquisition of land will be the amount due from A Co. in settlement of which land is taken. There is no capital gain to B.
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