Partnership property sold
This query is : Resolved
26 May 2012
IN MY CASE FIRM PROPERTY SOLD BY ALL THE PARTNERS AND THEY HAVE BEEN PAID THE AMOUNT AS PER THEIR PROFIT SHARING RATIO.THE CAPITAL GAIN TAX PAID BY DD AND THE AMOUNT HAS BEEN MENTIONED AS PER RATIO BASIS IN SALE DEED. SOME OUTSIDERS COMPLAINS THAT THE FIRM CAN NOT SOLD THE PROPERTY TO LAND REVENUE AUTHORITIES. WE WANT SOME MATTERS IN THIS REGARD TO SUBMIT OUR EXPLANATION THAT THE ALL THE PARTNERS CAN SALE THE PROPERTY. IT IS THEIR IMPLIED AUTHORITY TO SALE OR PURCAHSE OF FIXED ASSETS AS PER THEIT MUTUALLY CONSENT
I REQUIRED AN ANSER WHICH I CAN PRODUCE BEFORE THE LAND REVENUE AUTHORITY
I REQUIRED AN ANSER WHICH I CAN PRODUCE BEFORE THE LAND REVENUE AUTHORITY
27 May 2012
Yes, the Firm cannot sell the property. But as per Transfer of property act all the partners can jointly sell the property. You are correct.
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