Stamps required for supplementary partnership deed
Jitender Singh Rawat
(Querist) 27 January 2016
This query is : Resolved
Dear Sir
I do have a deed on Rs.750 stamp papers. But the same is now required to be amended due to death of one partner among the three. Kindly suggest how much value of stamp paper is required for the supplementary deed so as to add one new partner and also showing the clause of death of a partner.
P. Venu
(Expert) 28 January 2016
Payment of stamp duty is a local subject; it varies from state to state.
Rajendra K Goyal
(Expert) 28 January 2016
It seems it is in reference to partnership deed.
Partnership comes to an end if any partner is expired.
Settle the account as on date of demise of partner and enter into a new partnership deed mentioning the facts.
Stamp duty can be confirmed from local lawyer.
Raj Kumar Makkad
(Expert) 31 January 2016
I do endorse the advice of Rajender K Goyal.
ramaraju ramaiah
(Expert) 04 February 2016
As per income tax act the partnership deed is executed on nonjudicial stamp papers worth of Rs.500/- is enough which was purchased in the name of the firm and it was purchased any partner with his signature and also it is applicable from the date of demised of the partner.Hence immediately purchase the stamps.
Jitender Singh Rawat
(Querist) 04 February 2016
Dear Rajendra ji in my case there are three partners and among them one is dead. So, as two still exist in the business so its nothing like making a new deed to continue. This is not a dissolution of business. That could be a case that is closing a existing partnership business if there were two partners and one died among them.
