Tax Liability on name and title Sale

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Tax Advocate

196 Points Posted on 15 November 2010

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

Replies (1)

Business Controller

2693 Points Posted on 15 November 2010

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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