1. A computer implemented method for extracting a business rule embedded in an application source code, the method comprising: creating, by a processor, a call structure of one or more programs present in an application source code by performing a control flow analysis on the application source code, wherein the control flow analysis is performed using at least one of abstract representation, resolving of a dynamic call, object resolution, and a control transfer to determine a control flow between the one or more programs; recognizing, from the one or more programs, one or more parent programs and one or more child programs for the parent program based on the call structure, wherein the parent program is capable of calling the one or more child programs; and wherein the call structure enables a recognizing module for establishing at least one of a relation and dependency between the one or more programs; grouping, by the processor, the parent program and the one or more child programs, each program in the group including a plurality of conditional statements, wherein the grouping is performed based on a plurality of identical characteristics of the one or more child programs and wherein the identical characteristics comprise the one or more programs starting with same naming convention; identifying, by the processor, one or more conditional statements among the plurality of conditional statements, wherein the one or more conditional statements comprise a business rule, and wherein the one or more conditional statements are identified by: comparing the plurality of conditional statements with a plurality of pre-defined patterns identified from the application source code, wherein the plurality of predefined patterns comprise at least one pattern associated with the business rule, and at least another pattern lacking the business rule, or comparing a variable with a hard-coded value; generating a hierarchy of the conditional statements, wherein the hierarchy defines one or more parent conditional statements and one or more child conditional statements dependent on the parent conditional statements, wherein the parent conditional statements and the child conditional statements are nested conditions occurring in a plurality of sub-entities; and extracting a business rule embedded in the application source code, by mapping the one or more conditional statements with a business rule selected among business rules stored in a pre-defined business rule template and a business rule created using the pre-defined business rule template.