Capital gain against sale of property kept as security
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 October 2014
Dear Friends
please enlighten me on above matter one of my client's Industrial plot and building was sold by Bank against outstanding loan. (property was kept as collateral security against loan)now my query is wether capital gain tax is applicable or not?
please enlighten me on above matter one of my client's Industrial plot and building was sold by Bank against outstanding loan. (property was kept as collateral security against loan)now my query is wether capital gain tax is applicable or not?
28 October 2014
The sale by the bank amounts to transfer of capital asset & accordingly capital gain will arise on the sale.
Depending on the period of holding, the gain will be long term or short term.
Depending on the period of holding, the gain will be long term or short term.
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 October 2014
Thanks for your prompt reply
28 October 2014
You are welcome. You should use the thanks button to convey your thanks. If you feel that I have satisfactorily answered your query then please nominate me for Most Effective Expert.
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