Ammortization of goodwill
This query is : Resolved
jinkesh jain
(Querist)
06 September 2010
is ammortization of goodwill a deductible business expenditure?
and what difference would it make if its self generated goodwill and not purchased goodwill??
and what difference would it make if its self generated goodwill and not purchased goodwill??
CA. Bikash Bogi
(Expert)
12 September 2010
If goodwill is purchased, then it will take the charector of intangible assets, eligible for depreciation/ amortisation.
however, in case of self generaed goodwill, the cost is nil. Logically, notional amortisation not permitted as per law.
however, in case of self generaed goodwill, the cost is nil. Logically, notional amortisation not permitted as per law.
jinkesh jain
(Querist)
14 September 2010
But section 2(11) of IT Act gives list of asset(tangible and intangible) and it doesnt cover goodwill...whether self generated or acquired. so what would be the treatment
CA Nitin Wadhwani
(Expert)
06 December 2010
Goodwill is not an eligible intangible asset for claiming depreciation u/s 32 of Income Tax Act,1961.
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