Change in partnership deed

Lavan Gupta (Querist) 01 November 2012 This query is : Resolved
We have a property in the name of Partnership firm. Five partners each having 20 % share in the firm. Partner are A, B, C, D & E. Now C wants to gift his share to D & E in equal ratio. please let me know whether any stamp duty will be involved in this transaction. Also give me reference of section of relevat act. This transafer was in blood relation.

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Devajyoti Barman (Expert) 02 November 2012
This is called Assignment of Share which does attract stamp duty as Registration is mandatory.

Do contact local Registry Office as Stamp Duty differs from state to state.

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