Property of firm

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(Querist)
13 September 2012

All learned members,

I have a query relating to Property of firm. There is a firm "XYZ" having 3 partners 'X' 'Y' 'Z'. 'X' wants to introduce his own Land into Firm as his Capital. The business of firm is to develop the Land into residential flats. Now my question is what is the treatment the firm should follow in following situations;
1) When partner introduced land in firm how the transfer took place?
2) When the firm sold developed flats to intended buyers, who executes the sale deed?
3) If in future "X" wants to purchase a flat from firm then how the flat transfer in the name of "X"?
4) How this land transferred in the name of Firm at Local Registrar Authority?

Please clarify.


Rasik Dagli (Expert)
13 September 2012

I think instead of bringing the Land in Firm, the Firm and that Partner (in his individual capacity) should enter into Development Agreement with suitable terms and conditions.
Rasik Dagli
Advocate
rvdadvocate@gmail.com

prabhakar singh (Expert)
13 September 2012

An appreciable wise solution has been given.

Following any other course shall need a registered sale deed which shall attract huge
stamp duty.

Rasik Dagli (Expert)
14 September 2012

Dear Mr. Singh,

Thanks for your appreciation.
Rasik Dagli
Advocate.

Rajesh (Querist)
15 September 2012

Thanks to Mr. Rasik Sir & Mr. Prabhakar Sir for your helpful answer.

c n vittal rao (Expert)
15 September 2012

any person at any point can become a partner with the consent in writing of existing partners there after the land becomes stock in trade thereafter it will be dealt with as partnership property and firm can deal with it accordingly

Rasik Dagli (Expert)
16 September 2012

Sear Sir,
Please note that if the land of a partner is brought as stock in trade it will attract heavy Stamp Duty.
Rasik Dagli
Advocate
rvdadvocate@gmail.com

Rajesh (Querist)
17 September 2012

All the learned Members,a lots of thanks for earlier query Now,

I have a question regarding Property Law,

"X" wish to transfer his Plot in the name of his Mother how the transfer need to took place to save the Stamp Duty and inconvenience?

Also which documents shall be executed at the time of If in future Mother will sale such land to third Party?

What documents she need to have to sell such property?

ajay sethi (Expert)
17 September 2012

execute gift deed . it attracts 2%^stamp duty . first have gift deed executed stamped and regd . then think of further sales

Rasik Dagli (Expert)
17 September 2012

"X" can execute the Gift Deed. Stamp Duty will very from State to State.
There is no way that X can can save entire Stamp Duty.
Rasik Dagli
Advocate
rvdadvocate@gmail.com

Rajesh (Querist)
17 September 2012

Thanks Ajay Sir & Rasik Sir once again.

Rajesh (Querist)
17 September 2012

Question for Taxation Experts,

"X" wants to start Real Estate business (ie developing his Plot into Flat scheme) now he wants to start Partnership Business along with his 3 sons. In future he wants to retain 2 Flats from this Flat Scheme. What is the best solution to save Capital Gain? He can start business Individually if this solution helps to save his Tax??

Thanks.

Anirudh (Expert)
22 September 2012

Dear Mr. Rajesh,
The question is tending to be of more and more commercial nature. Therefore please approach a lawyer to get your issues addressed.

Rasik Dagli (Expert)
22 September 2012

"X" should take care in drafting the documents for this purpose. Approach a property Lawyer and also a Tax Expert and proceed further as per their advise.
RASIK DAGLI
Advocate
rvdadvocate@gmail.com



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