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Your Queries (Income Tax): Long-term capital loss on NCD can be set off against long-term capital gain
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I was a retail investor in fixed deposit and NCD of an NBFC whose debt resolution process concluded recently. My FD of Rs 3 lakh was made in July 2017 for 48 months but I received only Rs 73,000 in Sept 2021. I also had been allotted NCDs of Rs 3.28 lakh in their IPO in August 2016 whose maturity was due in August 2019 and I received Rs 1.6 lakh in September 2021. Can I claim a long-term capital loss?—Hardeo Singh Capital gain or loss can only arise when there is a ‘transfer’ of capital asset.
Fixed deposits made with an NBFC cannot be transferred for consideration. There are no provisions under the Income Tax Act for claiming loss of deposits in case of insolvency of a non-banking finance company.
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