https://www.taxtmi.com/caselaws?id=19298 Property brought into a partnership ordinarily becomes partnership property, and distribution of assets on a valid dissolution does not attract registration because no fresh transfer arises on settlement of accounts. However, a so-called partial dissolution is not a recognised dissolution in law: either the firm is dissolved or it continues. Where immovable property is taken out of a continuing firm and placed in the hands of partners as co-owners, the arrangement operates as a transfer of immovable property and, if the statutory threshold is crossed, registration is required under section 17(1)(b) of the Registration Act. The deed in question was therefore ineffective without registration. en-us Thu, 21 Jul 1994 00:00:00 +0530 Thu, 05 Nov 2009 12:35:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19298 Property brought into a partnership ordinarily becomes partnership property, and distribution of assets on a valid dissolution does not attract registration because no fresh transfer arises on settlement of accounts. However, a so-called partial dissolution is not a recognised dissolution in law: either the firm is dissolved or it continues. Where immovable property is taken out of a continuing firm and placed in the hands of partners as co-owners, the arrangement operates as a transfer of immovable property and, if the statutory threshold is crossed, registration is required under section 17(1)(b) of the Registration Act. The deed in question was therefore ineffective without registration. Case-Laws Income Tax Thu, 21 Jul 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19298