Membership in the society
minsal
(Querist) 12 December 2013
This query is : Resolved
Sirs,
on or before 1950 My client's father has purchased a flat/room from one of his relative. when society formed he got 34 shares in the name of his wife and one share in his name (as he desired)so that as a member he can attend the meetings of the society. in the year 2000 he expired without making any will. now my client's mother is not well and wants to transfer the said room in the name of my client and his two sons. the other brothers and sisters of my client have no objection for the same and they are ready to give their consent for the same.
under the circumstances what documents I have to prepare and submit before the society?
please help me. it is little bit urgent as the mother of my client is not well.
Devajyoti Barman
(Expert) 12 December 2013
A deed of gift should take care every formalities here.
minsal
(Querist) 12 December 2013
Sir, in that case Gift Tax will be applicable? any other easy suggestion please!
prabhakar singh
(Expert) 13 December 2013
A Quit deed(relinquishment)or gift is the solution.Stamp duty on both would be economical and either would require registration and none would involve taxes.
R.K Nanda
(Expert) 13 December 2013
nothing more to add.
ajay sethi
(Expert) 13 December 2013
relinquishment deed attracts nominal stamp duty if made in favour of relative . that would be ideal . get it duly stamped and regd
T. Kalaiselvan, Advocate
(Expert) 13 December 2013
Yes, as advised a release deed relinquishing their rights and interest over the property in favor of the beneficiaries by the other heirs will be a better solution.
Rajendra K Goyal
(Expert) 14 December 2013
Relinquishment deed or gift deed are options. Choice is yours.
V R SHROFF
(Expert) 18 December 2013
Nothing more to add.
