Depreciation on intangible asset
This query is : Resolved
27 November 2012
Wether u/s. 32 depreciation is allowed on goodwill or not ? If it is acqired or purchase than ? Give also reference of case for the same .
Pankaj Gupta
(Expert)
27 November 2012
You can check the following points :-
* Goodwill purchased is an intangible asset and depreciation shall be allowed on it.
* But, Depreciation on purchased goodwill shall be allowed only if it is purchased after 01-04-1981.
* Depreciation shall NOT BE ALLOWED on Self generated goodwill.
* Depreciation @ 25% (WDV) is allowed.
* Goodwill purchased is an intangible asset and depreciation shall be allowed on it.
* But, Depreciation on purchased goodwill shall be allowed only if it is purchased after 01-04-1981.
* Depreciation shall NOT BE ALLOWED on Self generated goodwill.
* Depreciation @ 25% (WDV) is allowed.
Pankaj Gupta
(Expert)
19 December 2012
It is clearly mentioned in law..........no case law is required for it. read section 32
Pankaj Gupta
(Expert)
19 December 2012
It is clearly mentioned in law..........no case law is required for it. read section 32
RAMESH KUMAR VERMA
(Expert)
29 December 2012
agreed with experts....
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