Capital gains

This query is : Resolved

pavani (Querist)
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07 November 2011 hi
if an individual chartered accountant transfers goodwill is it liable to be taxed under capital gains??will it make any difference if it is self generated

Vishal D Shah

Vishal D Shah (Expert)
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08 November 2011 Yes. Goodwill is taxable. Cost of acquisition shall be NIL in case of self generated. In other words, Sale consideration is the CG.

pavani

pavani (Querist)
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08 November 2011 do professional transfer good will is liable???

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CA Anshu Agarwal

CA Anshu Agarwal (Expert)
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09 November 2011 Cost of Acquisition of self generated goodwill of a profession cannot be ascertained, so there is no capital gain on transfer of self generated goodwill of a profession.