transfer of property by dissolution deed of Partnership firm
PrnBCRBant
(Querist) 18 September 2010
This query is : Resolved
Facts of the Case :
Mr X purchased a property in individual name, subsequently formed a partnership firm with say Mr.Y, which is registered with the Registrar of Firms & put his property in to partnership business (citing it in the accounts of the firm). Subsequently the firm is dissolved by a dissolution deed in which the property has been allocated to the share of Mr.Y, the Other partner & the said dissolution deed is registered with the registrar of firms paying requisite stamp duty inclusive of the property. Now my question is
1) whether the property standing in the name of Mr. X who has retired from the firm automatically gets transferred in the name of Mr. Y as per the deed of dissolution regd with the registrar of firms?
2)whether this is equivalent to transfer of property legally described in the T.P. Act.
3)if question no. 1 & 2 are in affirmative, then what is percentage of share of title transfered in the name of Mr. Y.?
A V Vishal
(Expert) 18 September 2010
YOU HAVE NOT STATED WHETHER THE PROPERTY IN QUESTION IS TRFD IN THE FIRM'S NAME, MERE INTRODUCTION DOES NOT ENTITLE THE PROPERTY TO BE TREATED AS THE FIRM'S ASSET/STOCK.
PrnBCRBant
(Querist) 20 September 2010
Not trfd. by any sale deed and the same is also not stated in the partnership deed also. but only shown in the books of account
