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Goodwill at the time of reitiring of any partner

This query is : Resolved

ankur (Querist)
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13 September 2008 URGENT

if any partner reitre from firm after 30 years, if we create goodwill and pay for his services redendered for long time and pay to him according to their profit share ratio. and firm have no fixed assets.
is this amount allowable/admissible in Income tax act?
kindly give suggestion/treatment as per sections and sitations etc
pl reply asap.

Late CA Sampat Jain

Late CA Sampat Jain (Expert)
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22 September 2008 EXCESS MONEY RECD BY RETIRING PARTNER FOR RELINQUISHMENT OF HIS RIGHTS IN PARTNERSHIP IS TAXABE AS CAPITAL GAIN IN HIS HANDS

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