Depreciation on goodwill

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(Querist)
20 April 2012 Sir

I want to know whether goodwill is eligible for depreciation as per income tax act 1961 at what percentage please clarify
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
20 April 2012 No it is not as it is not a fixed assets it is intangible asset and it is to be recovered from the incoming partner or to be borne by the exiting partners
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