Partnership Property

Yes. It is better to execute a deed.

Sunaina,

Your query is not clear, kindly clarify what do you mean by taking the property, is the property being purchased, leased or taken as stock. Further clarify what do you mean by family property and the mode of its acquisition. 

Hi Vishal,

Taking Property means using the property for firm may be as stock and 'family property' means his own property not ancestral. Further, i would like to get clarified on death of such partner, whether his son step into shoes of his father as partner because his father has invested property in firm.   

Dear Sunaina

If the person treats it as stock, then the value of the property can be said to be his investment and he has to relinquish his rights over the property in favour of the firm. In case of his death, his heirs get the share of the deceased partner and cannot step into the shoes of their father as a partner.

Thank U Vishal

Yes deed of partner ship must be executed.