income tax on goodwill and asset deal

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 December 2010 I am running my business since 12 years and the foreign company that I represent in India wants to take over my business in a goodwill and asset deal. They want to form a new company offer me management position and pay me for goodwill and asset. My old company will not transact any business after that and all employees incl. self will switch over to new company. What si the amount of income tax that I will have to pay to eventually get money in my account as they will naturally pay goodwill money in name of my company. They will not take over any debtors, creditors, or liquid assets. Stock will be bought extra overa nad above at 75% of value. Assets are just 7% of total amount. Kindly advice...

CA. R. B. SAH

CA. R. B. SAH (Expert)
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19 December 2010 income will be business income u/s 28.