What will be stamp duty payable in case of transfer of immovable property, which was in name of partnership firm and now the firm has been converted to company under Part IX of the Companies Act, 1956
What will be stamp duty payable in case of transfer of immovable property, which was in name of partnership firm and now the firm has been converted to company under Part IX of the Companies Act, 1956
In Vali Pattabhiram Roa v Shri Ramaniya Ginnning &Rice Factory (P) Ltd. (1986) 60 Comp cas 568 (AP), the Court has held that there is no transfer under general law if the constitution of the firm is changed in to that of company by registering it under part IX of the Companies Act, as there shall be statutory vesting of title of all the properties of the firm in the newly incorporated company without any need for a separate conveyance, section 5 of the Transfer of Property Act is not attracted, even stamp duty is not leviable
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