Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Durai (MS)     09 April 2012

Partnership firm

From chennai Tamil nadu. My grandfather bought land for doing real estate business. The land was bought under a firm name. He made my dad, his another sons wife and two of his brothers sons as partners of the firm. The firm is not registered and no partnership deed exists. Since purchase no activity underwent. Now he is no more. Now on partition this said land was allocated to my dad by way of kurchit. How can my dad get the title clearly under his name? What will be stamp duty payable now? What are the documents required?

The documents have the firm name mentioned along with the partners names. Please help. Thanks in advance



Learning

 2 Replies

Adv. Gulammayudin A. Gagdani (LEGAL ADVISOR)     09 April 2012

as i understood that you father received th said property in distribution execute a gift deed or sale deed wherein alive partners of unregistered firm will sell the property to your father.

it will be the simplext way but the thing is you will have to bear the cost of stamp duty.

Durai (MS)     09 April 2012

Exactly what I thought and understood from the information from the web. Thanks for the prompt reply. Sorry I did not mention this as I wanted to know a clear picture. An CA advised to execute an admission retirement and reconstitution deed (unregisterd), where I join as a new partner and then the other three apart from my dad retire. Which makes myself and my dad as the new partners. Can this unregisterd document get clear title if I give my rights to my dad? Stamp duty between family members is fixed in tamilnadu?

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register