The assessee and her co-owners offered property owned by them as collateral security for a bank loan and stood as guarantors, for the loan. The mortgage was by deposit of title deeds. Since the loan was not repaid, the assessee and the other two co-owners consented to sale of the property by the bank to realise its dues and the total sale consideration was paid to the bank by the purchaser. The AO has not allowed the deduction in respect of sale proceeds paid to mortgagee\u00a0 which was up held by the Tribunal\u00a0 On appeal\u00a0 dismissing the appeal,\u00a0 the Court held\u00a0 that the Tribunal was right in holding that the assessee was not entitled to claim deduction under section\u00a048\u00a0since mortgage was created by the assessee herself and that it was not a case where the property had been mortgaged by the previous owner and the assessee had acquired only the mortgagor\u2019s interest in the property mortgaged and by clearing the same he had acquired the interest of the mortgagee in the property.<\/p>\n
.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" S. 48 : Capital gains \u2013 Computation – Diversion by overriding title \u2014 Sale proceeds paid to mortgagee \u2014 Not entitled to deduction.[ S.45 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-17453","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-4xv","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/17453","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=17453"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/17453\/revisions"}],"predecessor-version":[{"id":17454,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/17453\/revisions\/17454"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=17453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=17453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=17453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}