listed company windesup and their shares extinguished from demat account through IBC process
assessee not got any single rupee from company
can assessee claim capital loss in ITR in this case ??
req. to give opinion with understanding
thankyou
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LTCL ON SHARE
Replies (5)
May be it is not a loss because for considering it as capital loss there should be a transfer of the asset.
in this case transfer of asset is not happening.
in this case transfer of asset is not happening.
Hello Shivam Bhatia
in this case according to sec 2(47) of IT ACT
transfer includes extinguishment ....
in this case according to sec 2(47) of IT ACT
transfer includes extinguishment ....
Quantifying the capital loss is the point here.if face value is Rs10 and if you bought at Rs1000, you can claim loss of Rs 10 per share not Rs 990 per share.
yeah right but can we claim LTCL of purchased amount or of face value of rs.10???
Face value. Just before delisting the share price will be face value and lnsolvency starts then. so the loss is from face value to zero
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