Retirment of all partner and enter two new partner
Neeraj
(Querist) 04 September 2012
This query is : Resolved
Dear Sir,
I am a partner of M/s Shree Lakshmi Road Tpt corp (registered) with my brother, Firm has purchased a immovable properties in delhi & NCR. Now I want to sell my firm and my brother and I, retirement form the firm and introduce a new new partner registered the retirement deed as well as supplementary partnership deed with sub registrar.
can sale of firm, impose a stamp duty because of transfer of immovable properties.
if any case law please provide.
A V Vishal
(Expert) 05 September 2012
Yes the immovable property has to be relinquished and it will attract stamp duty.
M V Gupta
(Expert) 10 September 2012
it is not clear from ur query whether u have already executed any documents. you have stated that u want admit a new partner into the business. for this purpose u should not immediately retire, as this would end the firm and the new person will be regarded as buyer and sale of the business will attract full stamp duty as conveyance. ideally u may first admit the new partner and after some time you may dissolve the partnership firm by executing the dissolution deed.
M V Gupta
(Expert) 10 September 2012
if in the deed of dissolution the immovable property is taken by any of the partners who did not bring it into the firm, then the deed would attract full stamp duty as conveyance. pl see
ARTICEL 47 OF THE BOMBAY STAMP ACT.
