Siva (Consultant) 30 December 2018
kavksatyanarayana (subregistrar/supdt.(retired)) 30 December 2018
As per your query, the land was purchased in the name of the Firm. When some partners of the Firm are going out and others are entering the Firm. so the outgoing Partners have no right over the property as they foregoing their right and taking some amount towards their share and profit amount according to their share. So while finling of Form V (in some states VI/VII) they have to pay 2% stamp duty( it varies from one State to other State) on Market value of the land.
Siva (Consultant) 07 March 2019