transfer if land by partnership firm
s.krishnan kutty
(Querist) 18 October 2009
This query is : Resolved
i am in kerala.mysely and my wife formed a partnership firm xy with two partners. the firm purchased a land.can we sell he land by admitting two partners to the firm and ourselves retiring without actual registration of the land with registrar and there by save registration charges with subregistrar.
Raj Kumar Makkad
(Expert) 18 October 2009
If firm has purchased the land in its name and revenue stamp had been paid at the time of registration at that time then there is no need to re-register it on your retirement and induction of two new partners. This is no stealing of any stamp duty rather this is the procedure which is entirely legal.
Elango
(Expert) 18 October 2009
Yes. The actual procedure for transferring that land to other persons, is not that, but to avoid payment of stamp duty, the present partners of xy firm may retire inducting the intending purchasers as partners. But be aware that all the properties of xy firm would be automatically transferred to the new partners - the entire partnership property would be owned by the present partners.
adv. rajeev ( rajoo )
(Expert) 18 October 2009
when u r retiring from the partnership by inducting the another two partners, they will the partners of tha firm, question of stealing of stamp duty does not arise. The new partners will take over the assets of the firm.
joyce
(Expert) 18 October 2009
I agree with Raj.K & Raj.V.
A V Vishal
(Expert) 18 October 2009
No, since you are retiring and the land is held in the firm's name, you should execute a deed of relinquishment in respect of the immovable property.
