Capital Gain on Sale of Property where sale consideration was directly paid to bank against due loan

A client sold his property, part commercial and part residential, to pay off long due loan for which the property was mortgaged. all the sale consideration received by the client was directly paid by the buyer to the bank to pay off the loan and make the property lien free. the client is left with no money from the sale. he has no other property on his name. he has no other source to pay the capital gain tax liability.

what can he do?

Replies (4)
Quick Summary
A client sold a mortgaged property, with the sale proceeds paid directly to the bank to settle the outstanding loan. Despite receiving no funds personally and being insolvent, capital gains tax is still payable on the sale. This discussion focuses on how to calculate the capital gain in this specific scenario, as there are no exemptions for this situation.

Capital gain is payable in this case

but the client is insolvent now. he has no money to pay the liability.

There is no exception to taxability in this regards.
He has to file no other option
but now it's depends upon you how you calculate his capital gain

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