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capital gain

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(Querist)
19 December 2009 i have a question related to capital gain...

suppose an assessee has mortgaged a house property with bank, and took a loan...

the asseessee failed to pay the same, the bank sold that house property in market and fetched the enough amount to get back its amount of loan...

if that house is long term asset, and the excess amount fetched by bank returned to the assessee, then will it be considered as a capital gain??

wheather it is considered as a transfer or not??
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
19 December 2009 Yes; it is a long term asset hence amount realized is transfer and capital gains tax is applicable.
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sunny

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sunny (Querist)
22 January 2010 thanks
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