Property gift deed share transfer process co-op housing soc.


NOTE:

My short term goal is to resolve my problem,

but i would like to make this message a step by step guide for readers with the help of elite members.

 

Respected Sirs / Mams,

I am from ahemdabad gujarat  reciding in a co-op housing society.

My father (he is alive, and with my mother's permission) has gifted me (adult and the only child) a flat (self acquired) by registered gift deed (stamp duty paid on ready reckoner vallue at the time of gift)(jantri value in gujarat).

I have following documets with me.

1) Registered gift deed

2) Original allotment letter in the name of my father.

(flat is allotted by builder to my father so first buyer of the flat without sell deed)

3) Original share certficate in the name of my father.

4) society's NOCs and NO DUE CERTIFICATES (for my father and for me when gift deed executed).

5) There are more than 10 other essential docs, in short almost every doc required for a valid property transfer is there.  

My question is :

What is the process of share transfer in the above case and can society ask me a premium for share transfer in addition to entry fee and transfer fee?(for example lets assume Rs. 50/- entry fee and Rs. 500/- transfer fee)

The reason is that the chairman firmly believes that by executing gift deed we went on wrong path.

That he could have easily transferred flat in my name by share transfer only.

He firmly believes that his view is write and believes that gift deed should be treated as sell deed and premium must be paid.

What we understand is, gift deed is a must and enforced by law and it is a family transfer hence no premium should be paid.

kindly guide me on this issue.

Kindly also tell me,

which docs i have to surrender (original share, allotment letter etc.) for share transfer process

and in return what will i receive(new share,allotment letter etc)?

What is the exact procedure and what proof should i collect from society while transfer process is on going?

 
Reply   
 

The registered gift deed executed by your father on your name is covered by transfer of property of act and it is very much valid and legal, whilse so, the property being a flat coming under a CHS, the shares on the name of the original allottee(owner) can very well be transferred on the name of the donee by either donor or the donee making an application to the Secretary of the society.  Apart from nominal transfer charges, the society cannot levy any extra charges which will be ultra vire or contrary to the bye-laws.  If the society is demanding the same, ask them to give in writing after which you can resort to legal course of action as envisaged in law.


Total likes : 1 times

 
Reply   
 



Thanks T. Kalaiselvanji

Thank you very much.

I would like to share more on the share transfer issue(although it looks crazy).

On first attempt my father gave written application for share transfer on the day of gift to chairman.

When we ask how  will you transfer the share, he reply that simply handover original share certi. to me and i will issue new share within six months.

We asked for in written on society's letter pad that we have applied for share transfer and that we will pay by cheque.

He refused on this issue because he wanted to do it his way.

We cooperated with him and agreed that we will hand over original share but only with written proof(other wise lawyer's view was he can simply make entry on transfer table given behind the share ).

On second attempt he asked for premium.

Now he asks for premium, original share and original allotment letter and ready to accept in written.

We don't  trust his procedure is he playing with us or what.

What precaution  should we take ?

and what is the right procedure?

 
Reply   
 

The procedure about share transfer will be very much available in the bye-laws itself or else it will be available in the preamble of the act.  What the chairman does is called as ignorance of law.  Appendix 20(2), appendix 21 and appendix 23 are the forms to be filled by the transferee, transferor for transfer of shares, application by transferee for consent as well as membership (20(2) & 22), application by transferor(21) is the requirement to be complied with;

to be precise:. APPENDIX – 20 (2) [A Form of consent of the Proposed Transferee for the transfer of the shares and interest of the member (Transferor) to him (Transferee)].  APPENDIX – 21 [Form of application for Transfer of shares and interest in the Capital / Property of the Society by the Transferor.]  APPENDIX – 23 [Form of application for membership of the Society by the Proposed Transferee.] Documents Pertaining To Co-op. Hsg.

Issue him (chairman) a legal notice if he is still declining to follow the laid down procedures in this regard.


Total likes : 1 times

 
Reply   
 

I think the first part of the query is resolved.

As we can safely conclude from shri T. Kalaiselvanji's reply (1),

that property transfer and share transfer are different issues.

1) Gift Deed is valid under property transfer act and backed by law.

2) Share transfer comes under Co-op Housing Society Bye-laws.

So making gift deed is a valid practice and will secure the future of loved ones while you are alive.

There are some precautions for donors (parents, elderly peoples) because it is irrevocable.

Make sure some provision is there in gift deed that you and your spouse has right to use the gifted property while you both are alive.

So finally, we can agree with shri T. Kalaiselvanji and declare that

FIRST PART OF THE QUERY IS RESOLVED and there for it ends here and need no further discussion.

I am going to write detail guide on how to gift a property in next message as i promised(PART 1).

I am not a knowledgeable person of law, but at least i can compile what i understand and share with others.

 
Reply   
 

NOTE:

HELP FULL ONLY FOR CO-OP HOUSING SOCIETY(FLATS ONLY).

-----

HOW TO MAKE A GIFT OF PROPERTY TO A FAMILY MEMBER(PART 1 OF THIS QUERY).

 

1) Go to an expert lawyer for making of a gift deed.

2) Make some precaution in deed for DONOR AND SPOUSE that they can use property while they are alive.

3) Pay stamp duty (varies from state to state) and register your gift deed.

4) DONOR should hand over some documents to DONEE listed below.

 

LIST OF DOCUMENTS DONEE SHOULD RECEIVE FROM DONOR.

(from beginning of the construction of your society)

 

1) Copy of sell deed,title clear, lease paper of land(plot on which it is built) of your society.

2) Copy of registered building plan and plot layout.

2.1) Map of plot (space used for construction and left over space)

2.2) Building plan (registered by local authority).

3) Copy of permission to construct building from local authority(raja chithhi).

4) Copy of completion certificate from local authority.

5) Copy of conveyance from builder.

6) Copy of letter of registration of society(local authority).

7) Copy of society's own bye-law.

8) Original allotment letter or sell deed in the name of DONOR ( and all previous sell deeds of all previous owners).

9) Original share certificate in the name of DONOR.

 

10) Original NOC given by society to DONOR and  for DONEE( ask for it before you execute gift).

11) Original NO DUE CERTIFICATE given by society to DONOR and  for DONEE( ask for  it before you execute gift).

12) Copy of receipt of paid lease of society's plot(last 31 march).

13) Copy of receipt of common electricity bill(society's elec. bill).

14) Copy of receipt of local taxes paid by society(water charges etc.).

15) Copy of receipt of property tax paid by DONOR(for flat donor owns).

16) Copy of receipt of last electricity bill paid by DONOR(for flat donor owns).

17) Copy of receipt of society's common charges paid by DONOR(for flat donor owns).

 

NOTE :

If something  is improper or missed, inform me i will correct it. 

 
Reply   
 

First of all many thanks to shri T. Kalaiselvanji for prompt and proper reply(2).

I have searched and downloaded CHS modern bye-laws 2013.

I will respond to second reply of  shri T. Kalaiselvanji,

but only after reading bye-laws.

NOTE:

I want to ask some questions for sake of my clarity, but only after reading bye-laws.  

 
Reply   
 

PART 2 OF THE QUERY REGARDING TO SHARE TRANFER PROCEDURE.

 

This message is in response to detail reply no. 2 of shri T. Kalaiselvanji.

(After having a quick look at model bye-laws 2013.)

 

The procedure to transfer share is described in  model bye-laws 2013 under 38(e) (at page 19)

at the end of 38(e) there is a note for Sr. No. (ix) that comes under 38(e).[38(e)(ix)]

which clearly mentions that there should be no premium for family transfer(if i interpreted correctly).

Rs. 100 entry fee.

Rs. 500 transfer fee.

 

forms to be filled and filed to society with relevant documents are.

Where you can assume that

TRANSFEROR is DONOR and

TRANSFEREE is DONEE.

[

page 114 appendix 20(1) to be filled by TRANSFEROR and file it to society with form 20(2) attached.

 

(may not require in the case of gift deed, because gift means without consideration,

or in the field of consideration we may fill gift to family member)

]

page 115 appendix 20(2)

pages 116-117 appendix 21

pages 120-121 appendix 23

 

1) At APPENDIX NO 20(2), this form has to be filled by TRANSFEREE and file it to society(A Form of the letter of consent).

 

2) At APPENDIX NO 21, this form has to be filled by TRANSFEROR and file it to society(for transfer of shares and capital).

 

3) At APPENDIX NO 23, this form has to be filled by TRANSFEREE and file it to society(for membership of society with relevant docs).

 

Relevant documents may be.

1) Copy of registered gift deed.

2) Original share certificate(not sure about this)

3) cheque of total amount ( 100 + 500 = 600).

 

NOTE:

I can say that this query is almost resolved only few clarifications remains to answer.

 
Reply   
 

Shri T. Kalaiselvanji,

I have read your in detail second reply, and after that i have also read model bye-laws 2013.

Now I understand the procedure of share transfer(updated message board on this). 

But I have few questions to ask.

1) Does model bye-laws apply to Gujarat?

2) With APPENDIX – 23 (Form of application for membership) which documents should i attach(proper list of documents)?

3) Proper legal interpretation of  NOTE at the end of 38(e) regarding to premium in case of family transfer(gift deed).

(Does it mean transfer while DONOR is alive,

or

 is it effective only in the case of legal heir after the owner family member has passed away).

 
Reply   
 

The reply to your further queries are given against the questions reproduced below:

1) Does model bye-laws apply to Gujarat?

Ye, this is very much applicable to Gujarat as the act itself pertains to Maharashtra and Gujarat

2) With APPENDIX – 23 (Form of application for membership) which documents should i attach(proper list of documents)?

As stated by you in the last but one post of the thread, a photo copy of the registered gift deed and any other revenue record transferred on the name of transferee subsequent to the execution of gift deed;  share certificate; any other proofs asked by the society for compliance.

3) Proper legal interpretation of  NOTE at the end of 38(e) regarding to premium in case of family transfer(gift deed).

(Does it mean transfer while DONOR is alive,

or

 is it effective only in the case of legal heir after the owner family member has passed away).

A gift can be made only by a donor during his life time and not by his legal heirs on is/her behalf. 


Total likes : 1 times

 
Reply   
 

LEAVE A REPLY


    

Your are not logged in . Please login to post replies

Click here to Login / Register  



 

Search Forum:








×

  LAWyersclubindia Menu