We have partnership firm since 1977 which is having immovable assets. The partnership was made on simple stamp paper and notory registered. IT WAS NOT REGISTERED WITH SUB REGISTRAR. IS dissolution Deed (removal of partner) without any financial consideration possible ? Secondly does it have to be registered with SUB REGISTRAR.? Any tax or financial implications like stamp duty, income tax etc? Consider the fact that partners are aunt and nephew. ( real chachi, fathers brothers wife and nephew). We intend to continue the firm and property is in name of the firm and freehold. IN CONVEYANCE DEED THE AUNT HAD GIVEN SPA TO NEPHEW FOR FREEHOLD.
Admit shortcomings/weaknesses and use professional services to avoid complications. Everything can not be taught within a month by correspondence. Contact a local chartered accountant for meaningful and practical guidance.