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LTCL ON SHARE

Tax queries 239 views 5 replies
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acc
34 Points Posted on 01 May 2022

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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On 01 May 2022 at 12:55 Report
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231 Points Posted on 01 May 2022
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.
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On 01 May 2022 at 14:39
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45 Points Posted on 01 May 2022
Hello Shivam Bhatia
in this case according to sec 2(47) of IT ACT
transfer includes extinguishment ....
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On 01 May 2022 at 21:14
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1236 Points Posted on 01 May 2022
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.
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On 01 May 2022 at 22:03
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acc
34 Points Posted on 05 May 2022

yeah right but can we claim LTCL of purchased amount or of face value of rs.10???

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On 05 May 2022 at 10:01
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1236 Points Posted on 05 May 2022
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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On 05 May 2022 at 10:49


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