Capital gains
This query is : Resolved
Shilpa Udasi
(Querist)
21 May 2012
On retirement of a partner from partnership from the firm,
The goodwill raised and written off in gaining ratio becomes income of Retiring partner. What is the accounting entry in personal books of retiring partner and also how it will be taxed in his books? AS Capital Gains or some other head?
Please explain in detail
The goodwill raised and written off in gaining ratio becomes income of Retiring partner. What is the accounting entry in personal books of retiring partner and also how it will be taxed in his books? AS Capital Gains or some other head?
Please explain in detail
Soumitra Basu
(Expert)
27 May 2012
It will be taxed as Income from business.
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