A partnership firm had a large number of immovable properties. Certain partners retired and in the deed of retiement on a stamp paper of Rs.500 it was mentioned that so and so properties will be his exclusive properties after retirement. The change in partnership was recorded by the Registrar of Firms, Karnataka.
The value of properties given to the retiring partner runs into crores. The properties have not yet been transferred and registered in the name of the retiring partners though 7 years have passed. Without payment of valid stamp duty and registration of property, can the deed of retirement be treated as legal document and produced in a court of law as evidence?
