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A partner getting a share of partnership property on his release
22-Apr-2023 (In Property Law)
A firm releases one of its partners and decide to give a share of partnership property in firm name. No cash is given but only a portion of property given. The firm continues to survive.1) If 3 acres are there in firm name and one acre is given to one partner how the 3 acre document will be made as split documents?? Simply by a release deed or by creation of two documents for 2 acres and 1 acre ??nn2) what is the stamp duty to be paid (Tamilnadu) in this case where no cash is paid but only property share is given to outgoing partner??
In your case, actually, the partnership firm releases one of its partners as per the by-laws and the firm settles one acre of property in favour of the outgoing partner as settlement. In case of settlement the stamp duty will be at a fixed rate.
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Dr. S. Diraviam Dinesh
Chennai | 500+ Answers
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What is the cost of relinquishment deed in Karnataka?
The registration fee for the relinquishment document is between 100 and $250. The Sub-Registrar will register the relinquishment document within one week if the Subregistrar believes the information in the document is valid. The deed can be collected at the office. 22-Mar-2023
Is release deed enough proof of ownership?
Release deeds are used to transfer ownership and rights of immovable properties. They can only be valid if they have been signed in front of witnesses and stamped and registered. 16-Feb-2022
What is the purpose of release deed?
Release deeds are legal documents that release all future claims and interests on a property. This document is used by individuals who want to sell or gift their property interest to someone else. 03-Mar-2023
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