Since to open a PMS consent of all partners are required, the same can not be transferred by a sole partner in favour of a non partner.

So even if your father make such gift deed, the same would be in operative.

As PMS transfer by a sole partner without written consent of other partners is non effective the question of tax liability does not arise either.

The POA by other partners in favour of your father will not help as this transfer is something which is not usual act done by a partner in carrying out of usual business of the firm and hence such transfer on the basis of POA would be unauthorised act of your father and would not bind the other partners as well.

See to transfer the PMS the consent of all partners of the firm is required and if there is POA in favour of father given by all partners to transfer the PMS then he can transfer same. On gift from partnership firm the tax liability arise on the gift if value is more then 50 thousand.

PMS is asset of the firm 

2) the assets of firm cannot be transferred by POA of firm in name of the son 

Sir can you please tell full form of PMS?

Father can transfer the PMS to one son provided the other 3 sons consent to the same

if its a movable property then registration is not required

but a gift deed can be made on a nominal stamp paper for record 

A gift can only be given of an object property immoveable or moveable if it belongs to you. The firm has partners and hence their consent have to be taken and they can individually transfer their share. A father cannot gift everything to his son without the consent of other shareholders.

Regards 

The father can gift only his legitimate share to a person of his choice.

But before that he has to visit the AOA or MOA of the firm to invoke appropriate clause for an effective legal free transfer.

No tax implication on such transfers.

Dear Client,

PMS ?

Well, Gift deed can be executed on behalf of firm and not in personal capacity. Stamp duty payable, 6%.

he can only do it if he is absolute owner of the same having clear title. Besides POA of all partners of firm he will also require NOC from all of them. The procedure will be normal registration and execution of the gift deed.

1. ONLY a "individual's" immovable or movable property CAN be Gifted thru a registered deed. Properties belonging to any Legal Entity CANNOT be Gifted even by POA holders, BUT can be sold.

Keep Smiling .... Hemant Agarwal