Pankaj, a Company Secretary in practice for the past 30 years, retired and gave his practice to Chandra in consideration for ₹15 lakh by way of goodwill. His income for the past 3 assessment years are ₹12 lakh, ₹10 lakh
CS Executive · Tax Laws and Practice · PYQS · December 2019
Pankaj, a Company Secretary in practice for the past 30 years, retired and gave his practice to Chandra in consideration for ₹15 lakh by way of goodwill. His income for the past 3 assessment years are ₹12 lakh, ₹10 lakh and ₹8 lakh respectively. The amount of goodwill chargeable to income-tax as capital gain would be :
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A).
Topics: Income Tax
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