Capital gain on self generated goodwill of business

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 February 2012 SELF GENERATED GOODWILL OF BUSINESS IS TREATED AS SHORT TERM OR LONG TERM WHEN BUSINESS IS SOLD FOR TAX PURPOSE ON WHICH BASIS????????????????

27 February 2012 Period of holding of self generated goodwill shall be the total number of years for which the business was run before transfer.

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 February 2012 THANK YOU FOR ANSWERING MY QUERY
IF BUSINESS GENERATE ACCIDENTALLY HIGH GOODWILL IN VERY LESS TIME, THEN AFTER SAME WE CONSIDER AS YOU MENTION ABOVE?

28 February 2012 Yes, because the business starts generating goodwill from the day it commences business.

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 February 2012 Thank you.................


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