Substitute nominee's name as owner (living)inresidentialflat

Sir,

There are two legal options for your name to be introdused as an owner of the CHS flat:

(i) The present owner, your father, gifts his share/flat to you with a deed of gift, this will attract stamp duty and registration charge.

(ii) The present owner, your father, can prepare a WILL of the flat in your favour and also appoint you as the executor in the WILL.

Good Luck,

Kishor Mehta

Sir,

There are two legal options for your name to be introdused as an owner of the CHS flat:

(i) The present owner, your father, gifts his share/flat to you with a deed of gift, this will attract stamp duty and registration charge.

(ii) The present owner, your father, can prepare a WILL of the flat in your favour and also appoint you as the executor in the WILL.

Good Luck,

Kishor Mehta

Dear Mr. Mehta,

Thank you for your valuable reply. But just wanted to know whether execution of a will takes a long procedure in the court and whether other legal heirs can raise any objections in Court and matter can get delayed.

what is the rate of stamp duty on the Gift Deed as it is only made out of love and affection between doner and donee. So on what we need to calculate stamp duty. 

Also want to confirm with you that if owner writs an application on a Rs.100/- stamp paper duly notarised (Registered) and submits with the Society requesting transfer of flat in the name of nominee signed by atleast one witness; can society transfer the falt and share caerificate in the name of nomiee and whether this is a legal procedure?

Register the WILL.Registered WILL fetches more reliance.WILL may need to be probated.Registered WILL can also be contested.

The stamp duty is a state subject. Check on your own with SRO.

The transfer of share shall be as per well laid procedure of society by laws and can not be bye passed. Nomination does not create parallel route to succession. The right of legal heir(s)/successors shall not cease to exit by nomination.

Your concern is only one::::money to be spent....................that you can inquire on your own or thru your lawyer or deedwriter.............................and choose.

Sir,

The stamp duty on gift deed to son, blood relation is proposed to be waived, The Government notification is as under for your perusal.

Maharashtra Government has issued the notification regarding the amendment in Maharshtra Stamp Act Amendment Bill 20/2015 on 24th April 2015, as per notification the stamp duty, on transfer of immovable property by the owner to an heir or family member, will be waived w.e.f. 24th April 2015.

Good Luck,

Kishor Mehta

Dear Mr. Mehta,

Thanks you so much for the aforesaid details and sharing with me your knowledge. 

Somebody told me yesterday to add name of son in the share certificate and make him Joint Owner by filing a form with the society. As soon as name of son is entered on the Share Certificate get a Deed of Relinquishment executed which doesnot require payment of stamp duty and Registration Charges are also very nominal around two to three thousand only. Is this correct information or Deed of Relinquishment also require payment of stamp duty. Please guide.

Also please clarify how to calculate the Registration Fees on the Gift Deed as consideration amount will not be mentioned on the Gift Deed.

Thanking You.

Regards,

Prathamesh Joshi

Sir,

What you are refering to is the form for an associate member, an associate membership will not confer any legal rights of ownership in the flat to your son. The CHS laws do not confer any ownership rights on an associate member. The rights of associate memberhsip are entirely dependent on the rights of the original member. The moment the original member either demises or looses his rights of membership in any manner whatsoever, the associate membeship is automatically cancelled. The rights of an associate members are limited to attend the AGM, vote on behalf of the original member and stand for election for the managing cimmittee. The original member can cancel the associate mebership at any time he decides.

Moreover to prover ownership of a CHS flat two documents are imperative (i) Share certificate of CHS & (ii) Stamped and registered sale agreeement. There is no short-cut to include any person's name in the registered sale agreement to the flat.

The registration fees are as prescribed by the department of Registration & Stamps.

It is, therefore, advisable to consult an advocate in the matter.

Good Luck,

Kishor Mehta