Stamp duty

Querist : Anonymous (Querist) 28 September 2020 This query is : Resolved
Is stamp duty have to be paid on retirement and admission of a partner on immovable property owned by them?

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This discussion addresses whether stamp duty is payable when partners retire or new partners are admitted to a business with immovable property. The consensus is that stamp duty generally applies when a partnership deed is reconstituted. However, the specific circumstances, such as whether the property is held in the partnership's name or individual partners' names, are crucial. It is strongly advised to consult a local legal professional or chartered accountant for precise guidance based on the complete material facts.

Dr J C Vashista (Expert) 29 September 2020
No facts posted for consideration and obligation, which makes it like an examination hall question paper. However, if there is any truth in the story it is advisable to consult a local prudent lawyer for appreciation of fact, professional guidance and necessary proceeding.

Shilesh Patel (Expert) 29 September 2020
post the complete material fact.

Rajendra K Goyal (Expert) 29 September 2020
Please state clear material facts of the problem if any.

kavksatyanarayana (Expert) 29 September 2020
When a Partnership Deed is reconstituted (means retirement and incoming of partners), then stamp duty has to be paid. But you have not posted the details of the property and partners. How many partners are there? Immovable property of whom? Whether it is with all the partners or some partners. Consult a local CA.

Hemant Agarwal (Expert) 30 September 2020
1. No Stamp Duty is payable IF property stands in personal names of Partners.

2. LASTLY, aapka naam-karan nahi hua hai kya abhi tak .... jo aap "anonymous" query puch rahe ho ????

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

Rajendra K Goyal (Expert) 30 September 2020
Whether the property is in the name of partnership or in the name of some partner?

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