Fate/Condition of the land owned by Partnership Firm, immediately after Dissolution

1.THE LAND WILL BE VALUED AT THE TIME OF DISSOLUTION.

2. IN THE DISSULOTION DEED MENTION THE VALUE OF PROPERTY( AS PER GOVT. VALUVER)

3. THE VALUE GIVEN BY VALUYER WILL BE TAKEN AND WORKING OF PARTNERSHIP DISSOLUTION DEED.

4. AFTER THAT THE LAND WILL BE GIVEN INDIVIDUAL OF PARTNER. ( AS PER VALUER  GUIDENCE)

5. THEY WILL TRANSFER PROPERTY ON THE PARTNER NAME IT SELF IN SRO.

SIRIUS GRP,
THANKS FOR THE REPLY.
HERE, IN THEIS CASE (RELINQUISHMENT OR SETTLEMENT), WHETHER THE LAND NEEDS TO BE REGISTRERED THOUGH PARTNERS WANTS TO KEEP THE LAND JOINTLY WITHOUT GO FOR SEPERATION/PARTITION.

IN OTHER WORDS SIMPLY, PARTNERS ONLY WIND UP THE BUSINESS BUT WANTS TO KEEP THE LAND JOINTLY. SINCE THERE IS NO TRANSFER/CONVEYANCE, I WOULD LIKE TO KNOW WHETHER IT NEEDS REGISTRATION OR NOT?(REFER SEC.17, INDIAN REGISTRATION ACT)

IN OTHER WORDS SIMPLY, PARTNERS ONLY WIND UP THE BUSINESS BUT WANTS TO KEEP THE LAND JOINTLY. 

1.THE LAND IS REGISTERED WITH FIRM OR NOT?

IF ITS IN THE NAME OF THE FIRM PLEASE INFORM THE INCOME TAX AND GST AUTHORITIES.( THE INTIMATE BY WRITING LETTER CLOSES OF THE BUISINESS CLOSE OF OPERATION)

YOU HAVE FILE IT RETUNS TILL YOUR DISSOLUTION DEED REGISTERED. THEN ONLY PROPERTY WILL BE IN THE FIRM NAME.

Hi,
One of the Partner needs to relieve from his duties & responsibilities and retire from the partnership & would like to induct his immediate family member, say wife, in his place. However, he wish to continue the said partnership either in his name or his wife's, but he would like to transfer his share of asset in the firm to his wife.

Simply, his family member (wife) Name needs to be inserted instead of his in the land which is now firm owned, implicitly, he & his cousin are the current joint owners/partners. As the said partner is the major investor/managing partner of the firm (which is Non-functional currently), he holds 60% of share & the rest is his partner's, as per Partnership deed.

So can he Transfer the land (Undivided Property) DIRECTLY TO HIS WIFE IN WAY OF SETTLEMENT as said in Transfer of Property Act (OR) He needs to brought her in as an INCOMING PARTNER OF THE FIRM (HE OUT..) AND TRANSFER ALL HIS RIGHTS/INTERESTS/SHARES OF PARTNERSHIP TO HIS WIFE?

Else, is it necessary to make a Sale deed & Transfer the land to his wife, without inducting her in Partnership.

In simple words, Either he may wish to continue in Partnership Or inducting his wife as partner, he would like to transfer/settle his share to his wife, with other partner's consent. So, what is the simple way out?