Can a person buy the land of a firm by partership deed?
(Querist) 13 January 2019
This query is : Resolved
If there exists a Partnership Firm, If I am not a partner of this partnership firm then Can I buy the whole business and whole land of this firm just by generating a partnership deed with the consent of all existing partners, retire them in partnership deed and add my name and my son name to the partnership deed and register the deed in registrar of the firm.
Q1. By doing this can I avoid the registration charges and stamp duties to be paid in the registration of land?
Q2. By doing a simple partnership deed can I transfer the title of the land in my name or is it compulsory to register
the land in sub-registrar by paying stamp duty?????
(Expert) 13 January 2019
Before dissolving the Partnership Firm, yourself and your son shall enter into the partnership business as partners and after that the 3 partners(old) shall be retired from the Firm business. the changes in Re-constitution of Firm shall be executed and filed before the Registrar of Firms. for the property of Firm shall be registered in Sub-Registrar Office by paying stamp duty as prescribed (the stamp duties are vary from one State to other State). consult in local registrar office.