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Goodwill

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(Querist)
20 September 2015 One of my client is afirm who has 1 Crore goodwill in the books arised due to revaluation of fixed asset on retirement of an wxisting partner and whether this goodwill acn be kept in the books or it required to be written off and if so by how many years.Please explain


Jaya
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Amol S Joglekar

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Amol S Joglekar (Expert)
20 September 2015 Goodwill generated out of revaluation of assets on account of retirement of a partner will remain in the books. Income tax does NOT allow any write off on account of the same.
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praveen

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praveen (Expert)
20 September 2015 Hello,

ALternatively you can credit that amount to the capital account as well.
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