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How to sell the property in firm's name
07-Jun-2023 (In Property Law)
a leasehold DDA office space was in the name of my partnership firm(only partners are me & my wife).After getting the property converted to freehold in 2014, the title of the property was changed in the name of me &my wife from the partnership firm. However in the books of accounts the property is still listed as part of the firms and we have been getting rent from the property also in the firm's name. Now we are selling the property but our CA has advised that the money should be received in the name of the partnership firm and not ours. Please advice, can we receive money in our names?
the advise of the CA is absolutely correct and in these circumstances you are advise that please dissolve the partnership firm or transfer the partnership firm into sole proprietorship firm and give consent/NOC to received amount in favour of any of the name between you
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Adv. Harsh Kumar Gautam
Delhi | 100+ Answers
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If the title deeds of the property is in the name of your wife and you , then only you both can sell it . Or u have to transfer it in the name of the firm by a registered deed which will cost stamp duty to the firm .
The best course of action would be that you and your wife sell the property and make the firm a confirming party to the sale . Later on , appropriate the sale proceeds to the account of the firm for sake of keeping proper accounts of the assets of the firm .
The best course of action would be that you and your wife sell the property and make the firm a confirming party to the sale . Later on , appropriate the sale proceeds to the account of the firm for sake of keeping proper accounts of the assets of the firm .
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Adv. Suneet Bhardwaj
Delhi | 25+ Answers
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Well, since you are the owners of the property the sale consideration has to be received in your name. However, for tax purposes it may make sense to receive it in the name of the partnership firm. Your CA will be in a better position to advise you on that as I do not do tax work.
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Adv. Angad Mehta
Delhi | 100+ Answers
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