Set off of capital loss
This query is : Resolved
SUBHASIS DAS
(Querist)
01 June 2016
A private limited company (not listed) has voluntarily wind up. Director has given unsecured loan to the company & made share capital investment. At the time of liquidation, director did not get any compensation from company. Can director claim capital loss under the head Income from Capital Gain of the Income Tax Act 1961? Can the director get indexation benefit?
Amol S Joglekar
(Expert)
01 June 2016
01. if the director has given it as LOAN, no deduction as such is available for waiver/non receipt of LOAN.
02. For extinguishment of share capital, s/he can claim capital loss
02. For extinguishment of share capital, s/he can claim capital loss
Rupesh Jain
(Expert)
01 June 2016
for share Loss director can calim capital loss but for loan there in NO prov.
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