Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Bill - Highlights / Catch Notes

Home Highlights March 2016 Year 2016 This

Amendment of section 55. - the cost of improvement in relation ...

Bill

March 1, 2016

Amendment of section 55. - the cost of improvement in relation to a capital asset, being goodwill of a business or a right to manufacture, produce or process any article or thing or right to carry on any business, shall be taken to be nil. - It is proposed to amend the said sub-clause (1) of clause (b) of sub-section (1) and clause (a) of sub-section (2) of the said section so as to include the right to carry on the profession also under its scope.

View Source

 


 

You may also like:

  1. Depreciation on goodwill - business or commercial rights acquired - goodwill is an asset under Explanation 3(b) to section 32(1) - the depreciation allowed even on the...

  2. Capital gains or Income from other sources - Tenancy rights have also been recognized as capital asset within the meaning of section 55(2)(a) of the Act - AT

  3. Receipts from sale of spontaneous growth of trees - it is a capital receipt not liable to tax - The provisions of section 55(2)(a) cannot be applied to spontaneous...

  4. Depreciation on Goodwill - depreciation on Customer Relationship (CR) & Vendor Relationship (VR) considering them to fall under Any other business or commercial rights...

  5. Depreciation on goodwill – assessee purchased the business lock stock and barrel and has shown the value of the goodwill right from the acquisition onwards -...

  6. Receipt of amount as goodwill on retirement - right of partner in the partnership firm - capital asset u/s 2(14) - extinguishment of such right in the firm - HC...

  7. Capital gain on tenancy rights - transfer u/s 2(47) - Even if the assessee has not paid any amount for purchase of tenancy rights, the nature of rights would remain...

  8. Deprecation u/s 32 on goodwill - Depreciation could not be denied to the Taxpayer merely for the reason that the assets were classified as ‘goodwill’ in the books of...

  9. Taxability of sale of sub-tenancy rights - Income from Other Sources OR Income from Capital Gains - when tenancy is recognised as capital asset within meaning of Section...

  10. Claim of depreciation @ 25% - Actual cost of the copy rights and trademarks - the depreciation is to be allowed on goodwill also as any other intangible asset - AT

 

Quick Updates:Latest Updates