A client of mine has sold his excise(liquor) license to another party? He will be receiving a very lump sum amount.
what is the tax treatment on such income? whether any deductions allowable on such amount or not?
How to compute it?
Please help me out guys..
Thanks in anticipation
If he was treating the income from sale of liquor as business income than show it as business receipt..
OR else show it in Income from other sources and normal rate of tax will apply.
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