sorry word omitted

This query is : Resolved

namrata thanvi (Querist)
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21 July 2016 sorry , I omitted a word not , so the line is capital gain is not taxable on transfer of goodwill of profession.

Amol S Joglekar

Amol S Joglekar (Expert)
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21 July 2016 Is Goodwill appearing in balance sheet of that profession?

namrata thanvi

namrata thanvi (Querist)
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21 July 2016 Please suggest me both situations,appearing as well as not.

Amol S Joglekar

Amol S Joglekar (Expert)
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21 July 2016 01. If it appears in books of accounts : capital gain is to be worked out taking its actual cost as cost of acquisition.
02. If it is not appearing in books of accounts : capital gain is to be worked out taking its cost of acquisition as NIL