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Tax Effect on Sale of Stake in Partnership FIrm (Goodwill)

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(Querist)
21 June 2007 Partners earning and withdrawing the goodwill on the sale of a stake in the Partnership Firm would attract Long Term Capital Gains Tax @ 20% with the Cost of Acquisition being Nil in case the Firm has been in existance for more than 3 years. Kindly confirm..
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KAAPIL

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KAAPIL (Expert)
06 November 2007 Clarify the nature of the partnership firm.
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Ravikumar.G

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Ravikumar.G (Expert)
09 November 2007 Please read out the section 45(4) of the IT act. Case law AN Naik Associates (2004) 136 Taxman 107 (Bom).
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