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nlr (na)     15 December 2009

HUF and partnership-----immovable property


A partnership firm was formed in 1993 between
1)Mr. X, representing his HUF
and 5 other individiuals.

Is such a partnership valid?
Can Mr. X who held 40% in the above firm and is no longer alive will his share in the firm to his daughter? Mr. X also held General Power of Attorney as agreed to by all the partners.

Pls advise.
Thanks in advance.



Learning

 2 Replies

A V Vishal (Advocate)     15 December 2009

A partnership firm was formed in 1993 between
1)Mr. X, representing his HUF
and 5 other individiuals.

Is such a partnership valid?
 

Ans. Yes the partnership is valid.

Can Mr. X who held 40% in the above firm and is no longer alive will his share in the firm to his daughter?

Ans. Date of death of partner not mentioned in the query. 

Mr. X also held General Power of Attorney as agreed to by all the partners.

Ans. Upon the death of either the principal or the agent the POA is revoked automatically.

nlr (na)     15 December 2009

 My father late Mr.X passed away in 1998. 

The HUF consisted of my father, my mother, myself and my sister who were married in 1996 and 1997 respectively.

My mother and sister will not claim any share in the 40% willed to me by my father in the concerned property. 

 

The other partners of the firm have now been reduced to 3 members. (Myself with 40%, my mother with 10% who will pass it on to me by will and my aunt with 10% who will also pass it on to me by will)

 

Should my mother and sister execute some sort of a deed saying that they have no claim on this huf property and I can remain sole owner?


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