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capital gain on property
can there any provision for capital gain on sale of fixed assets by bank or other financial institutions thru biding (Nilami)?
Replies (6)
Respected,
The first thing to understand here is that why the Bank is selling the asset under auction sale; Whether it is under reverse charge mortgage or any other case of loan and insolvancy.
1) If it is under reverse charge than either legal hire or the bank have to pay the capital gain tax.
2) In other case of sale, The owner of property will pay the tax. Since he is using the income on sale property for reducing his laibility with bank. It will treated as use of income.( Case law AMITA BATRA V/S CIT 2009)
Regards.
very fruitful information and answer also. thank you very much sir.
Its my Pleasure Sir.
if suppose, actual house value is 25 lac, municipal value is 30 lac and Nilami value's is 15 lac. what will be Income tax gain
- capital gain treatment?
There will be no capital gain from this case.
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