STAMP DUTY AND OWNERSHIP OF PROPERTY
MANISH MITTAL
(Querist) 18 June 2009
This query is : Resolved
A property is belonging to a partnership firm having 3 partners. after some time one of partners retire from partnership and settle their capital account in cash and other new partner is introducted. the retirement and admissision partnership deed is registered at registrar of firms but no information is givin to sub-registar office of immovable property of state. whether the remaining partners can sell, mortgage such property without singing of retire partners. if yes, which partner will be sing at the time of mortgage at FIs.
Y V Vishweshwar Rao
(Expert) 18 June 2009
The Retiring partner should release his share of Rights in the immoveable Property of Firm by executing valid dissolution Deed and by paying required stamp duty as assessed by the SRO and Registration is preferable , release deed in favour of the Firm and continuing Partners . If the Relase of Retiring partners is legal & valid , the other partners and New partner can sell & mortgage.
A V Vishal
(Expert) 18 June 2009
The retiring partner has to execute a relinquishment deed which has to be registered with the local registrar/Sub registrar. If the relinquishment is not obtained than the retiring partner will have to sign when the continuing partners plan to mortgage, sell the partnership property.
Harinarayan R. Tripathi
(Expert) 20 June 2009
Dear Shri Manishbhai
Whether the remaining partners can sell, mortgage such property without singing of retire partners?
Yes, the remaining partners can sell, mortgage such property without singing of retired partner/(s) provided that the procedure of retirement of the partner had been duly complied with according to the legal laws applicable thereon.
Which partner will be sign at the time of mortgage at FI?
As per laws applicable in India all the partners are required to execute the instrument of Mortgage on behalf of the Partnership Firm unless any one of the partner among them is duly empowered, for execution of the Mortgage Deed, by virtue of Power of Attorney executed by all the rest partners in his favour.
I hope this will meet with your requisitions.
MANISH MITTAL
(Querist) 20 June 2009
Dear Harinarayan JI Tripathi
At the time of retirement, a retirement deed has been executed and registered at registrar of firm but no information is produce before sub-registrar office. is it sufficent to complie legal applicability.
if you know any case law relvant to such issue. kindly refer it.
Your favour sincerely appreciate to me
MANISH MITTAL
(Querist) 20 June 2009
Dear Harinarayan JI Tripathi
At the time of retirement, a retirement deed has been executed and registered at registrar of firm but no information is produce before sub-registrar office. is it sufficent to complie legal applicability.
if you know any case law relvant to such issue. kindly refer it.
Your favour sincerely appreciate to me
sanjeev murthy desai
(Expert) 22 June 2009
Dear Manish,
Yes it is sufficiant to complie the legal applicablity.
Harinarayan R. Tripathi
(Expert) 13 July 2009
Dear Minishbhai
In reply of your subsequent query I do agree with Mr. Sanjeevbhai Desai that it is sufficiant.
