Stamp duty on patner's contribution by way of property
VIJAY PUNJABI
(Querist) 11 October 2013
This query is : Resolved
Query: a partnership firm registered under partnership act, 1932 with two partners introduced rs. 50000/- in partnership firm by way of cash. one of the partner introduced property in the firm for construction purpose. property is in the name of partner
my query is that whether the partnership firm is liable to pay stamp duty on the valuation of property introduced in the firm?
Rajendra K Goyal
(Expert) 12 October 2013
Whether the property would be firm's property or would continue in the name of the partner used by the firm and if so any terms and conditions have been laid for the same? Construction for use in the firm or selling after construction by the firm as part of business activity? facts need to be cleared.
Surrender K Singal
(Expert) 12 October 2013
If the property is being introduced as partner's share in capital with such mention in the deed of partnership, it may not be required to incur any stamp duty;
