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GOODWILL

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(Querist)
30 December 2010 How do we treat the Goodwill which arises on acquistion of a company(slump sale method). Higher amount is paid as compared to the net assets taken over.

Premium is paid mainly to acquire the customer lists , commercial rights etc..
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Balakrishnan

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Balakrishnan (Expert)
31 December 2010 The amount of Premium paid is only GOOD WILL
and you can create a Good Will A/c in Fixed Assets. You can keep the a/c forever or you can amorisize over a period of say 7 or 10 years. But you can not claim IT exemption on such amortization of the good will.
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