Sathya (Practising chartered accountant) 01 April 2014
Dear Sir,
Can anyone assist me with regard to tamil nadu stamp duty value for Retirement of partner (Retirement deed), existing partners decided to continue partnership, so stamp duty for the New partnership deed. and Give me all the provisions related to stamp duty for partnership deed.i.e Death of a partner, admission of a partner, dissolution of partnership where properties transferred to partners and their registration fees
Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 01 April 2014
On a Deed of Partnership the stamp duty under the Indian Stamp Act is a fixed one. Article 45 of the Indian Partnership Act, Article 47 in Maharashtra and Article 44 in Gujarat of Bombay Stamp Act speaks about duty payable for registration. The stamp duty is payable on a deed of retirement or a deed of dissolution under the same Articles. But in Maharashtra, and Gujarat if the deed of retirement or deed of dissolution affects any transfer of an immovable property, it will attract stamp duty as on a conveyance on the market value of the property.
The prescribed stamp duty for partnership , in case the capital contribution is more than Rs.50,000 is Rs. 500 for every Rs. 50,000 or part thereof (approx 1%) subject to a maximum of Rs. 5,000
Hence, the maximum slab of Rs.5,000 is applicable since the capital is Rs.6,00,000.Whereas Tamil Nadu act also may functioned in this similar manner.
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