Tax implications if any for property mortgaged
This query is : Resolved
29 June 2014
Suppose A Pvt Ltd Company Mortgaged its property for loan taken by B Pvt Ltd. from bank. What are the tax implications from income tax point of view for A Pvt Ltd. Kindly advise.
01 July 2014
There is no tax implication in this transaction. Only if B Ltd cannot repay the loan then the lender shall have the first charge on the property of A ltd.
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