Respected Members,
Mr. A (proprietor) wants to transfer his entire proprietory profession to his son Mr. X, in which a plant and machinery and other assets of Rs 25,00,000/- (approx)exist.Please help me to know, whether
a) is there any capital gain will arise in this transfer in the hands of Mr A?. If yes, then please help me with proper reference of section and rule of Income Tax Act-1961.
Thanking you
Ashutosh Kumar Jha
9534140352
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