Tax Liability on name and title Sale

Tax queries 417 views 1 replies

Tax Advocate

427 Points Joined March 2009

A client of mine has sold his excise(liquor) license to another party? He will be receiving a very lump sum amount.

what is the tax treatment on such income? whether any deductions allowable on such amount or not?

How to compute it?

Please help me out guys..

Thanks in anticipation

Replies (1)

Business Controller

2987 Points Joined February 2010

If he was treating the income from sale of liquor as business income than show it as business receipt..

OR else show it in Income from other sources and normal rate of tax will apply.

Your are not logged in . Please login to post replies

Click here to Login / Register