Transfer of property act
Lavan Gupta
(Querist) 27 October 2012
This query is : Resolved
Suppose, we have a property in the name of Partnership Firm in Noida, when we purchased this property there was 3 partner. Now we want to change the partnership deed and retire onegoing partner & admission of other partner. the question arises, whether we required to pay the stamp duty on gift made by outgoing partner to incoming partner.
Devajyoti Barman
(Expert) 27 October 2012
If the property is purchased in the name of the Firm then the same continue to remain with the partnership firm even on admission of new partner and retirement of outgoing partner.
There is absolutely no need for transfer of the same in the name of new partners.
Raj Kumar Makkad
(Expert) 27 October 2012
I think the querist want to ask that the procedure of accounting in case the share of the outgoing partner is shown as the capital of new coming partner in the shape of gift made by him and transfer of money/cash under the table by new coming partner to outgoing partner.
Stamp duty is required to be affixed on every gift deeds in India though the procedure you want to adopt is totally illegal.
