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Deletion of Name from CHS Register in Mumbai Maharashtra

(Querist) 02 October 2009 This query is : Resolved 
Dear Sirs.
Following are my Queries kindly advise for the same.
1. 356 Sq Ft Flat was purchased by 4 family memebers by paying equal contribution at Dahisar Mumbai Maharashtra, from the Builder in Nov 1985 & Registered in March 1986.
2.Co Op Society was formed in Jun 1986.
3.The Members Register were entered with all 4 Family Members Name. and the CHS Issued share certificate in 4 names jointly.
4.One of the Family Menmber gave a request letter on plain paper withdrawing his membership from the CHS members register and consequently from the share certificate and CHS authority has deleted the name on his request.
5.Except one co owner all other co owner are now residing out of Maumbai Maharashtra State.
6.As per family mutual setlement the other two co owners wants to withdraw their rights title & interest in the CHS Share & Flat.
7.What is the procedure for removal of name from the CHS Members Register & Share certificate.
8.Is the request letter should be on stamp paper if so then what value of the Stamp Paper is Required.
9.The said documents required to be registerd with the Registrar of Maharashtra or mere notarisation will sufficient.
10.What should be impect of Gift Tax in this case since there are changes in the provision of Gift after 01/10/2009.
Raj Kumar Makkad (Expert) 03 October 2009
There is no need of gift or registration of sale-deed in the given circumstances. Better you get prepare release-Deed of the co-sharers intending to release their share in favour of persons left therein. You may get it registered in the office of registration department wherein only token stamp duty is required to be paid and this registered document can be produced before society and it shall be a valid document to substitute the names of those persons in the record for the purpose of owners.

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