Introduction of land by partner in partnership firm as capit
Amit Kumar Pal
(Querist) 12 November 2017
This query is : Resolved
A partner introduce a land (which is registered in his own name)in an unregistered partnership firm as his capital contribution in the notarized partnership deeds(unregistered). By doing this is the land consider as a Firm property or still it would be remaining in his property (as firm and deeds is Unregistered ).
M V Gupta
(Expert) 14 November 2017
Transfer of any immovable property from one person to another can be only by a registered instrument. Since the Partnership deed is not registered with the sub registrar of assurances, the property would continue to be in the ownership of the Partner an cannot be regarded as that of he Firm.
Amit Kumar Pal
(Querist) 19 November 2017
Thank you Mr. Gupta.
In that case transfer the land to Firm's property Registration of firm alone with Registered deeds is must.Notarized partnership deeds dose not consider as transfer of property.
Rajendra K Goyal
(Expert) 19 November 2017
Land would remain the property of Individual till it is registered in the name of partnership firm.
M V Gupta
(Expert) 20 November 2017
Please note your firm has to be registered with the Registrar of firms under the provisions of the Partnership Act to get protection of the Act in respect of enforcing ur firm's claims AGAINST third parties and also with the Sub Registrar of assurances in order to effect transfer of the immovable property as capital of the firm. mere notarization does not effect transfer of the property from partner to the Firm.
