I was running a proprietorship business. It was fully acquired (100%) by a corporate company and I became an employee of the company continuing my professional services in the same place.
For the purchase of my business I was paid some amount as (1) "Goodwill", which I had garnered over the years and rest under (2) "resale value of movable assets" in my business. I was also given (3) free esops in that corporate company as an employee.
Apart from the lump-sum mentioned above, I am being paid monthly, (1) a fixed renumeratin (with annual increase), (2) Revenue sharing (5%) from the business (now owned by the corporate) and (3) Rental income from the building I own (from where I am running the business).
My queries:
1. Tax rate on the lump-sum paid to me under Goodwill, Resale of assets and Free esops.
2. Tax rate on my monthly income.
3. Can I claim depreciation on Cars, Laptops, LCD, etc which I used to claim earlier (On the Income from revenue shairing, Though I don't own my business now - Now owned by that corporate)
4. Is there any means by which I can claim depreciation (ex. Suppose I claim that I am professional consultant like a CA or Advocate, getting income by providing professional services to the company)
Thanking you!
Regards,
Rishi
CAclubindia
