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capital loss
Can we avoid payment of capital gains tax by showing capital loss in sale of an astrological consultancy firm (sole proprietorship) to another sole proprietor? What can be the other tax implications in this transaction? And how to value the goodwill of such firm? Sale of domain names is also included in this transaction.
Replies (2)
sale of business comes under slump sale and in order to avail the set of capital loss against capital gain you have to obtain a certificate from chartered accountant that all the assets and liabilities are valued at fair value.
The type of capital asset whether short term or long term depends on the period of holding prescribed for other than financial assets 3 years
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