Partnership deed

Sunil (Querist) 12 September 2017 This query is : Resolved
we have a partnership firm with 2 partners . I understand that in case of death of one partner the firm may have to be dissloved and the income tax dept may apply capital gains on the distribution of assets. we wih to introduce avoid this possibility by adding a third partner without any capital contribution and whose remuneration can be mutually decided by the partners. is it possible to do so as per the Indian partnership act and if so any format for the supplementary deed for admision of new partner

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Rajendra K Goyal (Expert) 12 September 2017
All related documents, accounts of the firm, assets, partnership deed need to be referred, discuss with local / your CA / Lawyer.

kavksatyanarayana (Expert) 12 September 2017
In Partnershiip Firm, another partner/partners can enter in to the firm and shall execute a e deed of "Reconstitution of Partnership deed" on the date of joining into the Firm. There are only some changes in the partners except the terms and other clauses of the original partnership deed. consult a local lawyer/CA for the purpose. It should be filed in Form-V along with the old and new deeds of Partnership in the office of Registrar of Firms in your districct.