Can a Partnership Firm hold any immovable preperty in its name????
Transfer of properties Act 1882 reads as under
(A) Transfer of property, whether movable or immovable
5. Transfer of property defined
In the following sections "transfer of property" means an act by which a living person conveys property, in present or in future, to one or more other living persons, or to himself and one or more other living persons; and "to transfer property" is to perform such act.
In this section "living person includes a company or association or body of individuals, whether incorporated or not, but nothing herein contained shall affect any law for the time being in force relating to transfer of property to or by companies, associations or bodies of individuals.
As per General clauses Act also 'person' includes a company or association or body of individuals, whether incorporated or not
Now the question is whether "living person" includes Partnership Firm or not???????
Thanks and regards
