One property in Mumbai has been acquired as a Gift through a valid registered gift deed. This property need to be sold within less than one year and as understood per section 29(2) of MSCA 1961--which says: "A member shall not transfer any share held by him or his interest in the capital or property of any society, or any part thereof, unless-
(a) he has held such share or interest for not less than one year;
My questions are as under:-
Does this Lock in period apply to property in all cases including Gift, Inheritance or Gift/Inheritance is exempted--
If so then any other remedy where society can still give an NOC for sale in case of above said property. Will appreciate your prompt advice.