Capital gain against sale of property kept as security

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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?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

Querist : Anonymous

Querist : Anonymous (Querist)

28 October 2014 Thanks for your prompt reply

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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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