Transfer of partial shares

Naresh (Querist) 08 May 2017 This query is : Resolved
Respected Sir,

I am holding 5 shares and a flat in housing society jointly with my spouse. I wish to transfer my share (50%)in the rights & capital of the society to my son.

How to do it? Which document should be prepared and executed?
What could be the stamp duty and registration fees.
Do the society will charge me transfer fees and premium.
If I did the same, can my son become a joint owner of the said flat and associate member of the society.

I understand that during 2013 Govt has declared that if there is a interfamily transfer the stamp duty is Rs.500 & registration fees Rs.200.

Awaiting your feedback sir

With best regards

Naresh

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Kishor Mehta (Expert) 09 May 2017
Sir,
You can gift a share in your ownership flat. In Maharashtra the stamp duty and registration charges to a blood relation of the family are as you have stated.
Society can not levy any premium or transfer fee for gift or transfer to a family member.
Good luck,
Kishor Mehta

Naresh (Querist) 09 May 2017
Kishor Sir,

Many thanks for your reply.

I have heard that even instead of executing Gift Deed, there is one document called Inter-Family Transfer Deed? is it so?

Thank you

Naresh

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