TREATMENT OF CAPITAL LOSS ON PREF.SHARES ISSUED BY IL&FS
This query is : Open
30 December 2020
IL&FS has issued Non-convertible preference shares to raise capital in the year 2013.
Now the company is Bankrupt and is under liquidation.
Subscriber to these securities will not get any thing back.
Now the question is:
1. How to treat this loss in the books of account.
2. Whether the loss can be set-off against Long Term capital gains.
3. Is Indexation available.
4. Under which head of IT returns CG schedule it is to be shown
5. As there is no consideration, is it allowed to be set-off
5. Is the treatment differs between listed and unlisted Preference shares.
CA KUMARASWAMY
Now the company is Bankrupt and is under liquidation.
Subscriber to these securities will not get any thing back.
Now the question is:
1. How to treat this loss in the books of account.
2. Whether the loss can be set-off against Long Term capital gains.
3. Is Indexation available.
4. Under which head of IT returns CG schedule it is to be shown
5. As there is no consideration, is it allowed to be set-off
5. Is the treatment differs between listed and unlisted Preference shares.
CA KUMARASWAMY
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