My dad, due to his old age made me proprietor of his business (Factory). Also there is a land in his name (company name) and he got my and other family members name in land record books of Tehsildar's office.
Now my CA said that both this transaction will be considered as asset sale and hence my dad shall have to pay tax on them. He has asked to get valuation of factory as well as the land and accordingly my dad will have to pay tax in tune of some 4-5 Lakh. Is this true ? Is there any way to avoid paying this tax ?
Please help.
Regards
CAclubindia
