Land was in the name of a partnership firm with 5 partners. 4 partners had retired from the partnership firm via dissolution deed.
At present only one partner is there with all assets. That partner is me. Land is still in the name of partnership firm.
Since I am the only one partner of partnership firm , if I add buyers as new partner and change the constitution of the partnership firm by submitting reconstitution deed to registrar of firm , then the land will be transferred to buyers without registration and stamp duty?
This method of transferring land is valid?
A.Dear Client you can't be a single person call himself partner and they will get sjare in personal capacity not as a firm.
Hope it helps.
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Deeksha Roy
Replied 1 year ago
Sir, it means in this scenario registry and paying stamp duty is unavoidable for buyer?
I have heard that if property is in the name of partnership firm and i am only one partner and I add 2 more partners in this firm then assets can get transferred.
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