Hi All club members,
One of the proprietoy business having total assets of Rs.3.0 Lacs in books of accounts wants to sell its business to a company for Rs. 45.00 Lacs.
What will be the tax planning to save tax?
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How to Save Tax
Replies (1)
Sell it all at book value then no tax.
If your proprieorship firm is being suceeded by the company and if your holding in the company is more than 51% then it will not be treated as a transfer and no tax as per section 47. You will have to fulfill certain rules as mentioned in the section.
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