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YOUR QUERIES: INCOME TAX: No tax benefit on loss on FD due to insolvency of finance company
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By Chirag Nangia
I started fixed deposit of Rs 5 lakh in January and February 2019 with DHFL and maturity date was March and April 2020 with maturity amount Rs 5,48,990. After Piramal Finance acquired DHFL, it paid me Rs 1,23,610 on September 29, 2021. Loss on extinguishment of FDR will be a nominal loss or long term/ short term capital loss? Further, loss would be calculated from amount deposited or maturity amount? I have income from rental property and interest. Can this loss be set off
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