Partnership deed

kavksatyanarayana (Querist) 10 September 2013 This query is : Resolved
Dear Experts, Namaskarams.
A partner ship deed was executed between 3 persons in three un-equal shares i.e.40:40:20 on 1st july 2009. Now the partner "c" who has 20% share is retired and a new partner entered. the new deed is executed on stamp worth Rs.500/- with outgoing partner and incoming partners. the parties present the same in Form V before Registrar Office for amendment. the Registering authority of Andrapradesh asked to pay 5% stamp duty on the profits of the "C" share. is it required. please advise.

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Advocate M.Bhadra (Expert) 10 September 2013
The information has taken from:-http://www.rna-cs.com/pdf/stampfee.pdf

PARTNER SHIP --
A Instrument of
(a) Where the capital of the
partnership does not exceed Rs.
5,000/-
One hundred rupees
b) In any other case Five hundred rupees
B Reconstitution of --
(a) Where immovable property
contributed as share by a
partner or partners remains
with the firm at the time of
outgoing in whatever manner by
such partner or partners on
reconstitution of such
partnership
Five percent on the
market value or the
immovable property
remaining with the firm
(b) Any other case Rupees five hundred
C Dissolution of :-
(a) Where the property which
belonged to one partner or
partners when the partnership
commenced is
or
Distributed or allotted or given
to another partner or partners
Five percent on the
market value equal to
the market value of the
property distributed or
allotted
Given to the partner or
partners under the
instrument of
dissolution in addition
tot he duty which would
have been chargeable
on such dissolution ifsuch property had not
been distributed or
allotted or given;
(b) in any other case Rupees five hundred.