Stamp duty and registration, and capital gain tax

Querist : Anonymous (Querist) 11 February 2021 This query is : Resolved
A registered partnership firm have 15 partners doing construction and land property business in 1963, and fourteen partners retired and dissolved the firm in 1979, 15th partner have before 12% ratio, after dissolution he get other all 14 partner's, 88% ratio, and become sole proprietor with 100% immovable land and property, my query is the 15 th number partner have to pay stamp duty or do registration for 89% immovable land or property, is it mandatory or optional?. can he start a new partnership firm in same name with another new partners? and sell same property to others is legal? Collectors land records saw property in name of 1963 firm - with 15 partners name, there is no any changes till date. how to do this deal legalized

Follow Query

Report Abuse

kavksatyanarayana (Expert) 11 February 2021
Whether the firm registered in 1963 before the Registrar of Firms or not? If it is a registered firm, at the time of dissolution, the Stamp duty shall be paid on the disbursed property either movable or immovable. Now file a case in the court, if no changes filed before the Registrar of Firms.

Querist : Anonymous (Querist) 12 February 2021
Yes we have registration certificate of 1963 & dissolved firm certification 1979 from rof,, after this the last 15th partner was a single and become sole proprietor, to sell the property the last partner make various partnership deed from 1980-1991, and get new firm registration in rof in 2001in same name which was dissolved in 1979. but there is no any change sin land records from 1963.