A partnership deed should be properly drafted and prepared as per the provisions of which act?
Answer & explanation
Correct answer: option 3
Correct answer: Option (3) → Stamp Act
Concept: The partnership deed is a written agreement that should be “properly drafted and prepared as per the provisions of the Stamp Act” and preferably registered with the Registrar of Firms – stated in Accounting for Partnership: Basic Concepts.
Because the deed must be executed on stamped paper of the requisite value, it is drafted as per the Stamp Act. The Indian Partnership Act, 1932 governs the partnership relationship itself (not the drafting/stamping of the deed), and the Companies Act and Income Tax Act are irrelevant here. Hence the Stamp Act.