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Partnership Property can be transferred in Partners Capital A/c
11-Oct-2023 (In Property Law)
SIr,
In my partnership firm we have a Property in the Partnership Firms Name which is registered by the Partners of the firm.
Now the Property is no longer needed in the Firm as its of no use, So can the property be transferred in the Name of the Partners of the Firm by adjusting there capital in the Books of the firm.
Also, does it have to be transferred in the Ratio of there Current Holdings in the Firm.
Regards
Sourav
in a partnership firm each and every partner is the representative of all part, so the property purchased in the name of the partnership firm if needed to be transferred in the name of some third party then the sale deed is to be executed in the name of partnership firm represented by all the partners or any of the partner and the consideration money is to be deposited in the bank account of the partnership firm and the said consideration money is to be used as capital of the partnership firm however in case of winding up of partnership firm the seed capital can be distributed amongst the partners as per their share or if at the time of purchase of the said property in the name of partnership firm the consideration money was given in equal share then that should be calculated accordingly.
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Adv. Bibaswan Mukherjee
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