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GOODWILL RECD BY OUTGOING PARTNER

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rajesh behl

rajesh behl (Querist)
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14 December 2021 Is Goodwill received by outgoing partner is taxable or exempt.. ??

CA R SEETHARAMAN online

CA R SEETHARAMAN online

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14 December 2021 It's taxable in the hands of the firm.

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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14 December 2021 Yes, as per recent amendment in FA 2021, under Sec. 45 of IT act, it gets taxable in the hands of firm under CG. For better understanding kindly refer Circular 14/2021 dated 02.07.2021 issued by CBDT.

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