Legal Question in Real Estate Law in India

Transfer of Shares (Co-op. Soc)

1. Ours is an registered co-op. society with 20 members.

2. The bye-laws of the society provides fees of Rs. 100/= as membership charge and Rs. 25000/= as transfer charges to the society in case of Sale/purchase of Society's flat.

3. Now, one of the existing member of the society has by deed of gift (which is registered and stamp duty paid) has transferred his flat to one of his sons wholly.

4. The bye-laws of the society are silent on such transfer by gift deed of existing member and the charges to be recovered from such transfer.

5. Please help us for the procedure to be followed / forms to be filled and what charges and how to be collected so that the member gets an valid transfer.


Asked on 9/21/08, 11:35 am

4 Answers from Attorneys
Urvi Rathod UR Legal (International Law firm) Advocates & Legal Consultants

Re: Transfer of Shares (Co-op. Soc)

Gift is one of the mode of the transfer enumerated in the Transfer of property act. Therefore any transfer by way of a gift deed is a valid transfer.The bye-laws which are applicable for a transfer will be applicable for the present case.

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Answered on 9/21/08, 2:21 pm
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Transfer of Shares (Co-op. Soc)

If the rules in such cases are silent, please apply the rule relating to "family transfer" i.e. between husband and wife, or father or son. if there is no rule for family transfer, you should not charge anything and make the transfer as it is within the family.

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Answered on 9/21/08, 7:43 pm
Shrichand Nahar S.V.Nahar, Advocate

Re: Transfer of Shares (Co-op. Soc)

Generally, bye-laws provide for transfer within family and to third parties.

In case, your society bye-laws do not make any distinction, you need to charge necessary transfer fees as if it is a third party transfer.

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Answered on 9/22/08, 2:15 am
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

Re: Transfer of Shares (Co-op. Soc)

rules of society change from state to state. you have not mentioned which state the society belongs to. you may call me up for clarification of the same at 9811284735....

regards

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Answered on 9/22/08, 2:59 am


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