Anil P. Malani (Advocate) 30 August 2012

Property brought in partnership as capital

Dear All expert :-

That the property Plot no. 108 situated at Pune Maharashtra, the said property initially owned by 10 persons as a joint co-owners, out of which 5 persons are given their undivided 1/10^th share for development to Builder under the registered Development Agreement, 1 co-owner transfer his 1/10^th undivided share to another co-owner, and now all owner (4) and Developer (1) constituted a Partnership firm and brought the entire property as contribution of said firm as per Partnership Deed dated 15.05.2006 said firm registered under the Indian Partnership Act. Please give your valuable opinion on the point whether the partnership deed in which property brought as contribution required stamp as per Article 47 (c) of Bombay stamp Act ? if the required the stamp duty not paid whether said partnership deed admissible in evidence ? What is effect of Section 34 of Bombay stamp Act ?

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2 Replies

ABHIJEET PARIKH (Bcom LLB MBA) 30 August 2012

If the said property is transferd in name of firm then it effectively requires registration to that effect

if it is brought under partnership deed then ideal practice is to get it register the same its advantage being in proper enforceblity in case there is a dispute betn partner

but u need to check the cost implication and stamp duty implication on the same legally registration of partnership under partnership act should be sufficient compliance but here partners in the lieu of capital are bringing in their parcels of land

u have to also check what pune local authority demands as it involves development of various parcel of lands

mohit (owner) 30 August 2012

dear sir,

my father with my 4 uncles constituted a partnership firm.my father with 3 other uncles contributed there share in money form while the 4th uncle contributed his land as his share.the firm was dissolved after a year. on dissolution partners got equal share in land.but the land is registered in development authority in the name of my uncle only.

not the question is :

how can i claim my fathers right in property.

how the part of my father name will be entered in the records of development authority

will my father have to pay stamp duty under tranfer of property act.