Transfer of shares in co-op housing society

Querist : Anonymous (Querist) 04 March 2019 This query is : Resolved
Sir,
A person wants to gift his property to his brother.
Brother then wants to gift the same property to his son.
They have decide to make the gift deed simultaneously.
In this case can Society accept and process transfer of shares from a person to his brother and to his son simultaneously.
Thanks

Follow Query

Report Abuse

kavksatyanarayana (Expert) 04 March 2019
Person A transfer his property as Gift to brother's son directly. Then the society may agree to transfer of shares. And you will save money for one gift deed from paying the stamp duty.

Suhail suhail (Expert) 05 March 2019
Why to make two gift deeds,just gift the property directly to the target beneficiary.

Querist : Anonymous (Querist) 05 March 2019
Thanks !
If person A makes gift deed in the name of his brother's son, then donee will have to pay gift tax. To avoid this two gift deeds are made. In this scenario what could be the share transfer procedure?

SHIRISH PAWAR, 7738990900 (Expert) 05 March 2019
In this case there will be two sale transaction and you have to apply twice for share transfer to society. Society has to transfer shares as per application.

Dr J C Vashista (Expert) 06 March 2019
Last "donee" may apply to the Secretary/ President of the Society for transfer of share in his name on the basis of "gift deed" executed, accepted and registered.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now