Sale of goodwill of a ca

varun mehra (Querist) 31 March 2017 This query is : Resolved
I am a practising CA.My father was also a practising CA.In order to continue his proprietary concern i need to purchase his goodwill.What is the stamp duty payable on sale deed of goodwill?Can i get a format for sale deed? Thanks

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Guest (Expert) 01 April 2017
You could continue Practicing in the Same name of Chartered Accountants Firm of your Father and automatically the Good Will would continue.No need for any Sale Process.

Adv. Yogen Kakade (Expert) 01 April 2017
How can you execute a sale deed of virtual asset? It is advisable for you to execute a MOU with the terms of use of goodwill and consideration.

varun mehra (Querist) 01 April 2017
Our apex body ICAI says a sale of goodwill deed needs to be executed.Adv.Yogen ji is there a format for such MOU?

Adv Prashant (Expert) 01 April 2017
You may purchase goodwill of another CA firm but not of your father since by virtue of succession you will be fully entitled to use and enjoy rights of goodwill of your father after their demise.

varun mehra (Querist) 01 April 2017
As per ICAI sale deed is must

Dr J C Vashista (Expert) 02 April 2017
Goodwill of your father can not be transferred hence shall not be registered.

ICAI is not an authority to declare that "goodwill" can be transferred/registered.

Consult a local prudent lawyer.

Guest (Expert) 02 April 2017
There is a Rule/Clause in ICAI that Good will of the CA firm could be Transferred or Sold.

Guest (Expert) 02 April 2017
If the Author/Querist is Particular his father could execute a sale deed with reasonable consideration or Transfer deed with out consideration as gift to his son.Check the Formats/Procedures with ICAI.

Rajendra K Goyal (Expert) 05 April 2017
Draft the deed if you want to proceed, drafts / formats are not provided.

T. Kalaiselvan, Advocate (Expert) 06 April 2017

You may follow the advise of expert Advocate Mr. Prashanth and if need be you can even personally contact him for further issues on the subject

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