Depreciation on Goodwill acquired
This query is : Resolved
Anand Solanki
(Querist)
24 September 2007
A company (A Ltd.) has acquired a business unit of another company (B Ltd.). Consideration paid is more than net asset acquired. Hence there is a goodwill for A Ltd. Whether A Ltd. can claim depreciation on this goodwill amount for tax purpose.
Ravikumar.G
(Expert)
24 September 2007
Good will is an Intangible assets. It should not be depreciated. As per management policies it can be amortised over a period of time.
08 November 2007
AS-14 SPECIFIES PERIOD
5 YEARS.
HIGHER PERIOD HAS TO BE JUSTIFIED.
5 YEARS.
HIGHER PERIOD HAS TO BE JUSTIFIED.
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