Legal Question in Real Estate Law in India

I was having a registered partnership firm with my father,where my share was 75% and my fathers 25%. 10 years back I purchased the land & building where office of firm is situated in name of firm. Partnership was at will that on retirement or death of my father firm will not be dissolved and I can run the business as proprietor or taking any body else as partner. Tenancy right and Ownership of all the assets will devolve and vest in me. Only capital standing in balance sheet in the name of my father will be given to his all the legal heirs.
On death of my father one year back, I continued the business taking my wife as other partner with same 75:25 ratio and with the same will that on retirement or death of my wife ownership of all the assets will devolve and vest in me only.Only capital standing in balance sheet in her name will be given to her or her legal heirs.
Now, I want to gift/transfer a portion of property purchased in name of partnership firm 10 years back to my own brother, who is already occupying that portion. My wife is ready to retire from partnership firm after taking the capital standing in her name in balance sheet on 31st,March,13.
What is the best option for me, where minimum stamp duty is applicable without hampering the title and right on the ownership of my brother on the property which I will transfer to my brother.
How documents of transfer/ gift can be made in best possible way without taking my brother as partner and by transfering him a marketable property.

Asked on 6/11/13, 7:47 am

Shrichand Nahar S.V.Nahar, Advocate

0 users found helpful

0 attorneys agreed

Stamp duty law are different for different states. Be guided by the lawyer from the area where property situated.

Answered on 6/13/13, 4:44 am

Keywords

Match Any Match All

Country

State

Area of Law