When 56(2)(vii) gets attracted?
This query is : Open
10 April 2012
If I give a loan of Rs. 20 Lakhs to my friend B and B afterwards give me jewellery in lieu, worth Rs. 35 Lakhs. Then, the excess 15 Lakhs is CG or IOS u/s 56(2)(vii).
In book its given, IOS, bit why not CG??
In book its given, IOS, bit why not CG??
10 April 2012
The difference is nothing but interest income and it is chargeable under head other sources. It will not be capital gain since u have not transferred any of ur capital asset. Its just a recovery of loan.
10 April 2012
On the other hand, I can say, that I have relinquished my right of receiving the amount in exchange of jewellery. It is a transfer and thus, capital gain.
11 April 2012
This is the specific case of IOS after introduction of sec. 56(2)(vii).
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