capital gain
Mitali Jain (127 Points)
22 February 2018
goodwill sold 25L faier market value on 1-4-1981 was rs. 5L compute capital gainor loss for a.y. 2017-2018
28 Replies
Nishant
(Assistant)
(1095 Points)
Replied 22 February 2018
it depends on facts of the case.Such as
-whether Goodwill is for business or profession.
-whether it is self generated or purchased.
-whether Goodwill is for business or profession.
-whether it is self generated or purchased.
Nishant
(Assistant)
(1095 Points)
Replied 22 February 2018
if self generated then COA is Nil else purchased price.
Nishant
(Assistant)
(1095 Points)
Replied 22 February 2018
is Goodwill is part of block of assets on which depreciation is claimed?
Nishant
(Assistant)
(1095 Points)
Replied 22 February 2018
take Indexed COA on 01.04.81 and deduct from sale consideration.
Mitali Jain
(127 Points)
Replied 22 February 2018
manish sold goodwill of his trade on 1-12-2016 for rs. 25L. the goodwill was purchased on 1-1-1976 for rs. 250000. it's faier market value on 1-4-1981 was rs. 5 L . compute capital gain /loss for the a.y. 2017-2018
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