legal status
nikhil
(Querist) 27 October 2010
This query is : Resolved
plz tell me legal status of partership deed on palne paper.(not registered or non stamp)
can any member compel to give money back in case he want to discontinues his business with others( in withrawal)
A V Vishal
(Expert) 27 October 2010
It is no more than a MOU and doesnot have the force of law.
Parthasarathi Loganathan
(Expert) 27 October 2010
But any Memorandum of Understanding document whether stamped or unstamped has legal binding.
A V Vishal
(Expert) 27 October 2010
Mr Parthasarathi,
A MOU is not legally binding.
Devajyoti Barman
(Expert) 27 October 2010
The deficit stamp does not make a other wise validly executed deed null and void. It only makes it non admissible at the time of evidence. If the deficit stamp is paid after the same is impounded by the court, the document is very much admissible and has the force of law.
G. ARAVINTHAN
(Expert) 28 October 2010
Except Will, any document without stamp, is not valid on the eyes of law
A V Vishal
(Expert) 28 October 2010
Mr D B, Ho can the court impound the documents when there is no expressed authority in law to act so, if I am wrong kindly provide the provisions of law under which the court can impound the documents.
nikhil
(Querist) 28 October 2010
thanks sir, if it is legal binding then plz tell me under which provisions . we can file suit or anything else
Kirti Kar Tripathi
(Expert) 28 October 2010
I do not agree with above experts. if deed is in writing and signed by the parties. the terms of deed are binding on parties. This deed is very much admissible as evidence. in case any business is done in pursuance of said deed and a dispute arose afterward. the parties may bring the suit of accounting.
A V Vishal
(Expert) 28 October 2010
Mr K K Tripathi: Refer S.35. of THE INDIAN STAMP ACT, 1899: Instruments not duly stamped inadmissible in evidence etc. - No instrument chargeable with duty shall be admitted in evidence for any purpose by any person having by law or consent of parties authority to receive evidence, or shall be acted upon, registered or authenticated by any such person or by any public officer unless such instrument is duly stamped
Advocate. Arunagiri
(Expert) 29 October 2010
As for as the liability among the partners, any partner can compel to return his money. By this the partnership dissolves.
The deficit of stamp can be at any point of time rectified. If you want to use the document in a suit, you have to pay penalty at the time of admission, that's all.
Legality of the contents of any document is not decided based on the stamps.
R.Ramachandran
(Expert) 29 October 2010
Dear Mr. Nikhil, on the basis of the partnership deed on plain paper, you will not be able to sue, but you will be able to defend yourself by showing the said document as collateral evidence.
Kirti Kar Tripathi
(Expert) 29 October 2010
Dear, Vishal, The problem should not be delt with only on the basis of Stamp Act, the principles of evidence Act would also apply in the case. You have also considered it is a MOU. My opinion was based on the fact even it is MOU, if the transactions are/were made on the basis of said MOU, the parties acquired their rights under the common conduct of business and presumption of facts automatically arises in view of section 114 of the Evidence Act. So merely saying that a documents is unstamped is not dis-entitle a party to agitate his right under the law. the fact can be proved by other modes.
nikhil
(Querist) 29 October 2010
can i pay stamp duty with penalty.
then this document is binding.
Sri Vijayan.A
(Expert) 29 October 2010
I agree with Mr.Barman and Tripathi.
We have handled a hand loan suit.
The loan deed was executed on plain paper. The contents are similar to a deed more than a promissory note.
It was admitted after paying the stamp duty of Rs.20 and the penalty of ten times of Rs.20, that is Rs.200.
nikhil
(Querist) 30 October 2010
sir signature of all parties are required or not at the time of payment of stamp duty and penalty
Kirti Kar Tripathi
(Expert) 30 October 2010
no, the stamp can be purchased in the name of any party in agreement.
nikhil
(Querist) 31 October 2010
sir how much stamp duty for 7 lakh immovable property (accoding to partnership deed in plane paper) and penalty i will pay
nikhil
(Querist) 31 October 2010
Sri Vijayan.A sir under what provisions u file suit .
nikhil
(Querist) 01 November 2010
under stamping include not stamping or un stamping
nikhil
(Querist) 07 November 2010
for making agrement how much value of stamp paper is required
