My client is having a Proprietorship business and he is selling it as slum sale to other individual, net worth for business is 15 lacs and net consideration which he is receiving is 60 lacs. Being a intellectual business its goodwill was not recognised, so now how can i reduce tax.
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Capital gain on sale of business
Replies (3)
Ensure that u have calculated correct net consideration as per Income tax provision & fixed assets have been correctly valued.
After that the only way he can reduce CG by investing in NHAI & REC bonds u/s 54EC. He can invest upto Rs 50 Lac only within a period of six months from the date of transfer.
agreed with above answer.
Thanks guys..
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