Sale agreement execution

SOMENDRA SINGH (Querist) 11 September 2018 This query is : Resolved
I have executed one agreement for sale upon Rs. 100/- stamp paper for purchase of Duplex from a partnership firm. When I approached Bank for loan then I get to know that said property is not in the name of partnership firm and was just inducted by one of the partner as capital. Actually it is in the name of one of the partner. now Bank is denying from finance and the partner whose name the property is denying to sign the sale agreement on individually due to avoid capital gain tax. What should I do.

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kavksatyanarayana (Expert) 11 September 2018
To avoid tax, the owner has created Firm. But the partnership firm shall be registered before the Registrar of Firms. And the partner shall execute a registered Development Agreement in favour of Firm. Or the owner may execute a sale deed in favour of any one in his personal capacity.

Dr J C Vashista (Expert) 12 September 2018
Just forget the property (in your own interest) and try to recover the money paid by you as earnest money.
It would be appropriate to consult and engage a local prudent lawyer for proper analyses of facts vis-a-vis documents, guidance and proceeding.

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