Tax Liability on name and title Sale

Indudhar (Tax Advocate) (427 Points)

15 November 2010  

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