One of the Partner needs to relieve from his duties & responsibilities and retire from the partnership & would like to induct his immediate family member, say wife, in his place. However, he wish to continue the said partnership either in his name or his wife's, but the main subject is to Transfer his share of asset in the firm to his wife.
Simply, his family member (wife) Name needs to be inserted instead of his in the land which is now firm owned, implicitly, he & his cousin are the current joint owners/partners. As the said partner is the major investor/managing partner of the firm (which is Non-functional currently), he holds 60% of share & the rest is his partner's, as per Partnership deed.
So can he Transfer the land (Undivided Property) DIRECTLY TO HIS WIFE IN WAY OF SETTLEMENT as said in Transfer of Property Act (OR) He needs to brought her in as an INCOMING PARTNER OF THE FIRM (HE OUT..) AND TRANSFER ALL HIS RIGHTS/INTERESTS/SHARES OF PARTNERSHIP TO HIS WIFE?
Else, is it necessary/mandatory to make a Sale deed & Transfer the land to his wife, in case not inducting her in Partnership?
In simple words, Either he may wish to continue in Partnership Or inducting his wife as partner, he would like to transfer/settle his share to his wife, with other partner's consent. So, what is the simple way out?