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of <h1>Goodwill Depreciation Disallowed from 2021-22; Finance Act 2021 Amends Section 50 for Capital Gains Computation.</h1> From the assessment year 2021-2022, goodwill is no longer considered a depreciable asset, and no depreciation can be claimed on it. If goodwill was purchased, its purchase price remains the cost of acquisition for capital gains computation, but any prior depreciation claimed must be deducted from this amount. The Finance Act 2021 introduced amendments to section 50 of the Act, and further amendments are proposed to clarify that reducing goodwill from the asset block will be treated as a transfer. These changes are effective retrospectively from April 1, 2021, impacting the assessment year 2021-22 onward.
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