Slump sale

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shivani

shivani (Querist)
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10 May 2014 if sales consideration is rs.100000 and net worth is -150000 then what is capital gain ???

CA Mohit Bansal

CA Mohit Bansal (Expert)
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10 May 2014 Kindly mention all the details

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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10 May 2014 witout cost of acq, year of acq, imp dates of purchase and sell no 1 can reply correctly.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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10 May 2014 I believe your doubt is whether or not the negative networth is to be included in arriving at the capital gains.

Thats a normal confusion - whether capital gains is Rs 1 lakhs or Rs 2.5 lakhs.

In case of M/s Summit Securities Limited, Mumbai ITAT held that negative net worth is to be considered and accordingly the gains shall be Rs 2.5 lakhs.

Please refer https://www.moneycontrol.com/news_html_files/news_attachment/2012/Tax%20Edge%20Special%20_BMR%20Advisors.pdf

My disclaimer is that I have not followed the cases subsequent to Sumit Securities case and any subsequent judgment in favor of assessee is not available to me.

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