Mukesh Singh (Officer (Accounts)) 05 October 2014
Dear Sir,
Please told me that the land (area 75000 sqft purchased from Uttar pradesh awas evam vikas parishad) in lucknow has registered on the name of Individual & Now we have to change the Ownership of proper to the Company Name, so what will be the whole procedure for that. Reason behind that company wants to launch the new project and this is essential to approval of the project from banks, the land should be on the name of company.
Regards,
Mukesh Singh
Suneet Gupta (www.vashiadvocates.com) 06 October 2014
You need to transfer the ownership of the land to the company (I am assuming that it is a Limited Company). This can only be through a registered conveyance deed after paying the necessary stamp duty and registration charges.
If it is a partnership firm, and the land owner is a partner in the firm, then the land can be transferred to the firm through a registered partnership deed. Stamp duty is not required to be paid on the value of the land as the land will be the contribution of the partner in the firm and will remain as his capital in the firm.
Mukesh Singh (Officer (Accounts)) 06 October 2014
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