Suppose a customer fails to repay the loan & bank sells his mortgaged asset, then what will be the Cost of Acquisition, in this case, while computing capital gain? Is it the outstanding loan amount?
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Cost of acquisition
Replies (1)
Capital gain in the hands of whome?
I don't think there is capital gain in the case of bank. The land not seems to be a capital asset in the hands of bank. It is part of its normal business activity. Hence income arising is business income.
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