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of <h1>Rule 8AC: Calculating Short-Term Capital Gains on Goodwill Depreciation for 2021; Special Provisions Apply.</h1> Rule 8AC of the Income Tax Rules, 1962, addresses the computation of short-term capital gains and the written down value of assets under section 50, specifically when depreciation on goodwill has been obtained. For the assessment year starting April 1, 2021, the written down value of intangible assets, including goodwill, is calculated following specific provisions. If the reduction in the block value exceeds certain amounts, it is treated as capital gains. If goodwill was the sole asset and no new assets were acquired, no capital gains or losses occur. Capital gains or losses from goodwill transfers are determined under sections 48, 49, and 55.
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