Dissolution of partnership and transfer of assets
Querist :
Anonymous
(Querist) 18 December 2017
This query is : Resolved
A partnership firm owned a property in its own name. The firm entered into a dissolution deed in which some of the partners were allowed to carry on a different business under a different name which was to be a partnership firm. The property was divided between these two firms. by transferring a portion of the property to the new firm.my query is whether the said tranfer needs registration. here the property is not transferred to individual partner but to the newly constituted firm. require an urgent answer.
Vijay Raj Mahajan
(Expert) 19 December 2017
Registration of immovable properties being transferred is mandatory at all stages. Even if a part of immovable property is being transferred to another party the fresh registration of the part being transferred will be required. In this question property was in the name of partnership firm, firstly the term property is being used here and not specifically mentioned as immovable property, it is assumed it is immovable property. Now if a new partnership firm is being started by few partners in previous partnership firm and the take the share in the immovable property with them, the portion of the property being taken in favour of the newly constituted partnership firm, in such case the transferred portion of the property has to be conveyed by way of sale/partitioned deed that has to be registered with the sub-registrar/Tehsildhar.
