sorry word omitted
This query is : Resolved
namrata thanvi
(Querist)
21 July 2016
sorry , I omitted a word not , so the line is capital gain is not taxable on transfer of goodwill of profession.
Amol S Joglekar
(Expert)
21 July 2016
Is Goodwill appearing in balance sheet of that profession?
namrata thanvi
(Querist)
21 July 2016
Please suggest me both situations,appearing as well as not.
Amol S Joglekar
(Expert)
21 July 2016
01. If it appears in books of accounts : capital gain is to be worked out taking its actual cost as cost of acquisition.
02. If it is not appearing in books of accounts : capital gain is to be worked out taking its cost of acquisition as NIL
02. If it is not appearing in books of accounts : capital gain is to be worked out taking its cost of acquisition as NIL
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