Partnership deed changes

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 June 2012 Dear sir,

Please advise me, In partnership firm have two partner, One partner retires on 31/03/12 and new partner enter 01/04/2012 and can I draft one deed as on 01/04/2012 (changes in partnership deed)?. And revised partnership deep should be draft on stamp paper of rs.100.00.
if no, i have no stamp paper as on 01/04/2012 so can i purchase it today and draf deep.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

29 June 2012 In the firm of two partners, if one partner gets retired, the firm gets dissolved as a single person can not be said to be a partner.
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If firm has to be continued, first introduce the new partner and then retire one of the existing partners. You may select 01.04.
as the date. In the same deed both admission (first) and retirement (later) activities can be recorded.
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CA PARAS BAFNA

CA PARAS BAFNA (Expert)

29 June 2012 In case you have not executed the new deed on 1.4.2012, you may execute it at a later date. You have to take care about the fact that, under the Income Tax Act, remuneration to the new entering partner can be allowed from the date of execution of deed.
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