taxation of goodwill in firm
This query is : Resolved
05 October 2009
if a incoming partner brings in one lac as share cap and ten lacs as goodwil...and after six months he retires taking back his share cap , but leaves goodwill amt and the firm is continued by remaining partners ....pl explain tax implications
05 October 2009
Depends on how the retirement deed of the outgoing partner is drafted.
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