Legal Question in Real Estate Law in India

Hello

There is a flat in Mumbai in the nmae of 2 persons . Brother and sister . Brother expired .so her share was transferd in the name of his wife and new nominees was child of brother for both the share holders. Now Sister has expired and NOC from their children have been taken to taransfer the share of the deceased in the name of nominee.

Society wants to confirm that as per new maharashtra act law , will transfer of shares from deceased name to nominee name apply stamp duty. Pls can you help with some url about the laws and answer my query


Asked on 9/23/13, 7:33 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

24.09.2013

Dear Sir / Madam,

The Society is required to complete the procedure for transfer of the flat as per the provisions of Byelaw No. 34 - Form of Application for membership by the Nominee(s) <Form No. 15> and Byelaw No. 35 - Form of Application for membership by the heir of the Deceased Member of the Society <Form No. 17> in accordance with the procedure prescribed in Byelaws No. 38 and 39 of the Maharashtra Co-operative Societies Act, 1960 and Rules, 1961.

Q. Is stamp duty payable on transfer of a flat from husband to wife or children and vice versa?

A. Yes. Stamp duty will be same as applicable to conveyance. However a 10% rebate could be expected during valuation, which remains at the discretion of the Valuation Officer.

You may refer the following url for more detail :

http://www.pdsarafco.com/Quick Info Link/Stamp Duties (Maharashtra).htm

Regards,

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Answered on 9/23/13, 9:35 pm


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