partnership property

Querist : Anonymous (Querist) 05 January 2011 This query is : Resolved
we are four partners A B C D purchased the property on name M/s xyz( our firm) name. now we want to get transfer the said property on our individual names. how can we do so .

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A V Vishal (Expert) 05 January 2011
Only on dissolution the asset viz.the property can be distributed and and shared by the partners, else the property need to be shown as a sale by the firm in favour of the partners.

Raj Kumar Makkad (Expert) 05 January 2011
I agree with Vishal.

G. ARAVINTHAN (Expert) 05 January 2011
Well. Your frim comprising of partners can execute a deed to sell shares to respective partners. Then can be done

Y V Vishweshwar Rao (Expert) 06 January 2011
I agree with learned friends!

1-Partnership Dissolution Deed & Apportionment of Assets /Distribution of properties of Firm

2- Execute Regd Release Deed by three partners in favour of one partner in respect of his allotted Share of Immovable property - for each lot allotted to one partner mention the dissolution of Partnership Deed and allotment of the Shares - you will get each individual Document for the share allotted to you/each Partner- on dissolution of partnership and distribution of Firm Immovable Assets !

Kirti Kar Tripathi (Expert) 06 January 2011
I also agree with learned experts.

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