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I have a query on Capital gains/ Loss on preference shares.
I am holding Redeemable Preference Shares of IL&FS, which became bankrupt recently.
Face value per share Rs.7500/- Premium Rs.5000/- and Redemption date 16th May 2021, Issued in 2014.
One more lot of preference shares of the same terms, redemption due in 2022.
As we know IL&FS has gone burst and will not honor the redemption commitment.
In this scenario, my question is :
- whether I can claim Long term capital loss in the absence of sale consideration ?
- Which year can claim the loss for redemption due in 2022.?
- Is indexation benefit available
- What proof has to be obtained in the absence of communication from the issuer with regard to dishonoring the redemption commitment.?
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