The partnership firm has an immovable property registered in its name. The firm has three partners holding 33.33 % share equally. One of the partner is buying the immovable property its on own name. i.e. paying 2/3 rd share to both the other partners.
1. Is stamp duty payable on the entire amount of the property or only on the 2/3rd share which the purchasing partner is buying out ?
Since the partner already holds 33.33% in the imoovable property and buying out 66.67% from the other two partner's , what is stamp duty applicability ? The property is registered in Maharashtra.
2. is capital gains u/s 45(3) is applicable on the partnership Firm ?
CAclubindia
