Is gift deed legal in respect of transmission of property between partners in a partnership firm?
Debasis Ghosh
(Querist) 24 June 2012
This query is : Resolved
My mother had a business firm at Howrah District of West Bengal.She is the proprietor
of that company.Some immovable property was bought in the name of that company by my mother. After death of my mother the company was dissolved & made it a partnership firm among my three brothers, three sisters & father with equal share i.e 1/7 part.But now my sisters want to gift the said property to the brothers.Should it be done Sale Deed or Gift Deed? Which will be legal & powerful.
Rajeev Kumar
(Expert) 24 June 2012
Your sister can transfer her right to your brothers through registered gift deed or relinquishment deed as the stamp duty is minimal in execution these deed
Devajyoti Barman
(Expert) 24 June 2012
Both are valid and of equal strength.
However of your sisters are unmarried then executing gift deed is more wise from the point of view of saving some amount of money on account of Stamp Duty to be paid to the Govt.
A V Vishal
(Expert) 24 June 2012
How can the assets in a partnership firm be transferred in the name of the partners by gift deed? Further the assets belong to the firm and can be sold by the firm.
