The indian stamp act,1899 & the registration act,1908 as applicable in andhra pradesh
chandra sekhar
(Querist) 09 November 2012
This query is : Open
One of the Partner was contributed his immovable property as partnership property in the year 1975 and allotted 30% share. Later there is a Reconstitution in firm Three times and the said partner share become 4% in all Profit and Lossess and Immovable Properties of the firm. Finally the said partner was retired from the Partnership on 01-04-2012 and the Sub-Registrar was charged Stamp duty on Market Value of the Property of his 4% at the rated of 5 percent Stamp duty.
After Three Months the Audit people has issued a notice that the partner have contributed his property as partnership for his 30%, So you have pay the stamp duty on 30% of the M.Value of the property not on Relinquishment share of 4%.
Please clarify the same.
