A partnership firm in which two sons and father are partners. The land is in the name of firm. One of the son (partner) wants to retire. As per family settlement some other property differently located not related with the concerned firm goes to the retiring partner and in lieu of that share of retiring partner in the firm is to be given to the other son partner in the firm. Is any monetary transaction required or simply it be mentioned in the dissolution deed? Any stamp paper, or any other document is required? Is there any government fee or duty involved? Is there any capital gain as the share of the retiring partner in the property of the said firm is taken as lump sum and settled against the other property located at different place which is to be transferred to the retiring partner. Though the firm will be in continuation. If it so happen at anytime in future that the firm sells its property then the signature of retiring partner will be required for the registered deed as in originally in the registry of the firm land all the three partners were signatory. Will the simple power of attorney is suffice or no need of power of attorney as the new partnership deed will be written. Kindly guide.
