Stamp Duty on Immovable property as capital contribution in partnership firm
3 years ago
A land in name of Mr X is taken as capital contribution in a partnership firm of 5 partners including Mr X. The deed states "This land shall be the property of of partnership business and firm has the full right of ownership of said property and no party individually / jointly shall have any right on this land". The partnership deed states the 20% profit sharing ratio of all partners but have no explicit clause for land or asset realization. Also, the deed does not specify anything in terms of retirement or dissolution. However, this contribution of land has been questioned by revenue department and asked to pay stamp duty with interest and penalty. Kindly provide if there is any way out in this situation and also whether there is any option to amend partnership deed retrospectively.
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