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Treatment of Accounting

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(Querist)
28 February 2011 A newly constituted partnership firm is purchasing a franchise.How to account the same inorder to get income tax benefits. whether to charge it as goodwill or asset. If goodwill can we charge 25% depreciation as goodwill is treated as intangible asset in AS 26 or to be charged under fixed asset or priliminary expenditure. Can anyone give detailed notes.
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
28 February 2011 This is entirely a right and it should be accounted as intangible assets.
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Arun K Moorthy

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Arun K Moorthy (Querist)
01 March 2011 Hi sir thanking u for the valuable reply and if the same is accounted as intangible asset can we claim depreciation @ 25%.
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