Whether Stamp Duty attracts or Not ?

amit jain (Querist) 14 March 2010 This query is : Resolved
Whether stamp duty attracts when a partner introduces immovable property as capital into a a partnership firm??

OR

For example, there are two parties, form a partnership , in which one partner brings his immovable property into the firm as capital valuing Rs. 50 Lac and other partner bring Rs.50 Lac as cash with an objective to construct a shopping mall on the said property. Then in this case, Is the stamp duty applies??

And if Yes, that at what value the stamp duty shall attarct, at the value of Rs.50 Lac or at the market value of the property brought into partnership

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Raj Kumar Makkad (Expert) 14 March 2010
In the given case no stamp duty is required to be affixed by such partnership firm as the same is already duly stamped while making its purchase.

amit jain (Querist) 14 March 2010
As per my viwe also, no stamp duty required to be paid by partnership firm on transfer of property by a aprtner into partnership firm as capital, but Even then, if registrar sends a notice for recovery of stamp duty as per market value of property on to the partnership firm, what should be reply into the context of that notice. Is there any High court and supreme court ruling in favor of partnershi firm

Kumar Thadhani (Expert) 14 March 2010
I think that the stamp-duty has to be for introduction of capitalof RS 50 lakhs.Just check up.

adv. rajeev ( rajoo ) (Expert) 14 March 2010
If the property is transferred in the name of the firm then stamp duty is required. And further agree with Raj Sir,