Treatment of Accounting

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Arun K Moorthy (Querist)
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28 February 2011 A newly constituted partnership firm is purchasing a franchise.How to account the same inorder to get income tax benefits. whether to charge it as goodwill or asset. If goodwill can we charge 25% depreciation as goodwill is treated as intangible asset in AS 26 or to be charged under fixed asset or priliminary expenditure. Can anyone give detailed notes.

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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28 February 2011 This is entirely a right and it should be accounted as intangible assets.

Arun K Moorthy

Arun K Moorthy (Querist)
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01 March 2011 Hi sir thanking u for the valuable reply and if the same is accounted as intangible asset can we claim depreciation @ 25%.

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