07 March 2018
Ownership of the property rests with the Co-operative Housing Societies, flats are allotted to share holders of the Society for residential purposes, they are not absolute owners of the flats. Under the circumstances what value will be considered for the assessment of the court fees when the share of the deceased husband is transferred to the wife, (1) the market value of the flat? (2) or the face value of the share certificate? Please understand that the share holder is not the absolute owner of the flat and the shares of the Society are not traded in the market. Kishor Mehta
08 March 2018
There is no question of selling the property, this is about the applicable court fee in the event of the transfer of the share of the deceased husband to the wife. Co-operative society members are not absolute owners of the flats, but they are allottees by virtue of their being share holders of the Society.
11 March 2018
The member is being allotted a specific area (out of common area of the society) which is on a perpetual lease, if the same has not been converted into "FREEHOLD" as per rules of the lessor authority. However, market valve has to be much higher than the "circle rate", if the same has been prescribed/ applicable in your state/ case. Whatsoever, it can not be the value of share.