Taxability
This query is : Resolved
18 June 2012
Facts : earlier there are 2 partners A and B having capital Rs.1 lakh. they sold their firm to Mr.X & Y for 2 lakh.
Now Mr. A & B gets gain of Rs. 1 lakh on sale of firm.
Question : Under which head Rs. 1 lakh will be included in the hands of Mr A & B.
Now Mr. A & B gets gain of Rs. 1 lakh on sale of firm.
Question : Under which head Rs. 1 lakh will be included in the hands of Mr A & B.
19 June 2012
sale of goodwill, capital gain tax will apply
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