Tax on Goodwill on LLP
This query is : Resolved
28 April 2025
Originally a private LTD company was formed in 1996, in which MIDC land was on 99 year lease was accuquired. Building was made in 1998. On 1-10-18 we converted this to LLP. For past 10 years we have rented out building to tenants on rent. There is no other business except rent, no stock/machinery etc.
There is no goodwill in company.
Someone wants to takeover company and want to pay me goodwill.
My question what is %age of tax I pay when I recieve goodwill in my personal account for FY25-26 (not FY24-25)
There is no goodwill in company.
Someone wants to takeover company and want to pay me goodwill.
My question what is %age of tax I pay when I recieve goodwill in my personal account for FY25-26 (not FY24-25)
28 April 2025
Under Section 112, LTCG on the transfer of a capital asset is taxed at 12.50% (plus applicable surcharge and cess).
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29 April 2025
I will be selling in FY25-26. So will tax be 20% or 12.5%+surcharge and Cess?
29 April 2025
For LTCG tax applicable is 12.5%
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29 April 2025
Thanks a lot for quick and precise reply
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29 April 2025
You are welcome.
29 April 2025
Later I will need service of CA/Lawyer to vet MOU/admission cum retirement deeds etc. Incase if you can handled such matters in past, please send me your business card on bimalshah1967@gmail.com or 9821329214
28 September 2025
Good luck.....
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