Gift by a partner
Knowledge Gainer
(Querist) 01 September 2012
This query is : Resolved
There was a partnership firm having two partner namely A & B (A is son of B). After few years B-HUF & C were enter into the partnership as new partners and B was retired from partnership. The capital balance of retired partner B, was transferred to loan account of B. Now B want to gift to his son A amount equal to the balance o/s in loan account. The Loan amount approx Rs. 25.00 Lacs.
The queries are
1. Can B give the said amount to his son A as gift?
2. Is any stamp duty is applicable or it suffices to make gift deed on Rs.100 and get noterised?
3. Whether the firm has to return entire amount to Retired partner B and there after B can gift to A and A bring this amount in partnership as his capital or B can directly transfer the said amount as gift by passing entries in the books of account and making gift deed?
A V Vishal
(Expert) 03 September 2012
1. Can B give the said amount to his son A as gift?
Ans. Yes
2. Is any stamp duty is applicable or it suffices to make gift deed on Rs.100 and get noterised?
Ans. No stamp duty and gift deed is advisable.
3. Whether the firm has to return entire amount to Retired partner B and there after B can gift to A and A bring this amount in partnership as his capital or B can directly transfer the said amount as gift by passing entries in the books of account and making gift deed?
Ans. B can directly transfer the said amount as gift by passing entries in the books of account and making gift deed
