dissolution of partnership
s.krishnan kutty
(Querist) 31 March 2008
This query is : Resolved
what is the stamp duty required for retirement of a partner if the firm is in kerala
s.krishnan kutty
(Querist) 02 April 2008
i do not mean dissolution.it is only the retirement of one partner from a firm of 4 partners.
Rajendran Nallusamy
(Expert) 17 April 2008
On a Deed of Partnership the stamp duty under the Indian Stamp Act is a fixed one. The same duty is payable on a deed of retirement or a deed of dissolution. But in Maharashtra, if the deed of retirement or deed of dissolution effects any transfer of an immoveable property, it will attract stamp duty as on a conveyance on the market value of the property. For the law in different States, see Ch.1 in Part VIII.
s.krishnan kutty
(Querist) 17 April 2008
DEAR FRIEND,
IN SCHEDULE TO KERALA STAMP ACT ITEM 43B SPEAKS ONLY ABOUT DISSOLUTION OF PARTNERSHIP THE FEE OF WHICH IS STATED AS Rs.250/.stamp duty for formation of a partnership is Rs.1000/. But retirement
of a partner is not mentioned. definitely retirement is different from dissolution .
if retirement is also covered the schedule must have mentioned about it.
Jithendra.H.J
(Expert) 17 April 2008
as per my knowledge no deed required!!!
please read sections 31, 32,33 of Partnership Act,
a partner may retire from a firm with the consent of all other partners, if the terms of the agreement so provide, a partner may retire by giving notice to the other partners. same procedure has to be followed in partnership at will.
SANJAY DIXIT
(Expert) 01 August 2008
I agree with the views made by Mr Rajendran Nallusamy. The stamp duty should be same on a deed of retirement or a deed of dissolution.
Hiralal Das
(Expert) 06 April 2009
Thanks all of you the ld. members.
I think your valuable opinions will assist everybody to solve their problem/matter in question properly.
