Immovable property contributed towards capital by a partner in firm in gujarat- stamp duty issue

Shirish Shah (Querist) 14 November 2013 This query is : Resolved
In Gujarat, a partner contributes immovable property in firm towards his capital contribution.He is partner with his family members for a trading business. The property is used for the purpose of business. The Business has availed bank finance. Subsequently the Firm gets converted to a Pvt.Ltd Company under part IX of the Companies Act where all partners becomes share holders of the company and all the assets and liabilities of the firm gets transferred to the Pvt.Ltd Company by virtue of Part IX conversion.Since there is bank finance against security of the said property, now bank is asking for title clearance of the property in the name of the company though it is conversion under part IX of the Companies Act 1956. Whether stamp duly attracted as in this case?

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