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taxation of goodwill at the time of induction of partner

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Querist : Anonymous

Querist : Anonymous (Querist)

17 February 2011 whether the goodwill brought in by newly inducted partner, with drawn by existing partners is taxable.....

CA bhargava

CA bhargava (Expert)
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17 February 2011 Withdrawl of Goodwill bought in by new partner is just like withdrawal of cash balance form their capital account. It is not taxable

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)
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18 February 2011 Hi,
Agree with expert, anyways will get back to u with complete details w.r.t to the provisions of Law,

Thank you,

Regards
CA. LOHITH.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons

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