Transfer of title to property

Praveen Kanungo (Querist) 03 February 2010 This query is : Resolved
A Company has taken over all the assets and liabilities of a proprietorship concern on going concern basis in consideration for its shares. What is the procedure to transfer the title to the property in favour of the Company? Whether any stamp duty liability is attracted in the process?

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Raj Kumar Makkad (Expert) 03 February 2010
A due agreement is required to be executed and it requires registration.

Parveen Kr. Aggarwal (Expert) 04 February 2010
Yes. Liability of stamp duty is certainly attracted. The transfer of the property will be from the name of the sole Proprietor of the concern to the company which is a separate legal entity being incorporated. Not only the instrument of transfer require compulsory registration [Section 17(1)(b)of the Registration Act] but will also require to have stamp duty paid under the Stamp Act.

Praveen Kanungo (Querist) 10 February 2010
Thank you for valuable reply

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