Gift deed vs. sale deed
I got details of your website through Google search.
I am trying to seek advice as I am a non-resident Indian. I am a minor partner (5%) in a partnership firm in Mumbai. Since I no longer reside in India, it is my desire to dispose of my share within the partner who is also my elder sister. The Article of Partnership has a " Sale Clause " under which I can sell my share to another partner. As I am not interested in achieving any monetary gains from this sale because it is to my elder sister, my question is, do I have to be physically present in India/Mumbai and transfer this share/sale in a government office or can I do it remotely from here in USA. (Under current pandemic situation, I do not wish to travel to India) If so, what is the procedure, for example, can this sale deed, Notarized by a Public Notary or by an official at an Indian Embassy suffice. Alternatively, is it better to transfer this share via "Gift Deed"? The reason I am asking this question is that one of my relative is saying that gift deed is a better option. Also I had joined the partnership firm in 1977 so it is necessary to laydown the whole history of the company, who the other partners or their nominees are on either document, that is, Sale Deed or a Gift Deed. Further, can you provide me with a listing of couple of attorneys in Mumbai who can help me in this execution so that I can communicate with them. THANKS in advance for your help in this matter.