Stamp duty on conversion of proprietorship into company
Abdul Latif
(Querist) 29 January 2013
This query is : Open
Hi,
A proprietorship concern is getting converted into Pvt. Ltd company. Upon incorporation of the Company, all assets ( immovable and movable properties) and liablities shall vest into the Company. Now question is as follows :
1) How the Immovable properties ( Land and Building ) of Proprietorhsip firm will be registered in the name of company. Do we need to execute Conveyance deed etc and get the same registered. Is it required ?
2) If conveyance deed is required to be executed then do we need to pay stamp duty . Please guide me.
3) Some view is that All movable and immovable properties of the proprietorship concern automatically vest in the Company. No instrument of transfer is required to be executed and hence no stamp duty is required to be paid. Is it true.
Thanks & Regards,
Abdul Latif
