Transfer of society shares
Suresh Agrawal
(Querist) 15 October 2017
This query is : Resolved
I and my wife had bought a property (Bungalow) attached to society building in Mumbai suburb 30+ years ago and we are US citizens of Indian origin. My wife passed on last year and her will is probated in the US courts and I am the sole administrator of the will and have rights of survivorship. I am tasked with transfer of Indian property to my name so that I can sell it.
My questions are these and I would appreciate your esteem experts to help me get answers to these.
1. What is the process of transferring Society Shares of our property to my name - What am I required to do?
2. What and how society has to do to transfer the property shares to my name ?
3. Can society can charge me any transfer fee ?
4. Is the US probated will recognized in India to be able to transfer and sell the property?
5. Will there be any stamp duty on this transfer of property from joint names to my name only?
Regards
Suresh Agrawal
P. Venu 
(Expert) 16 October 2017
Transfer of shares in Society is distinct from transfer of property in the Apartment. On the demise of your wife the property is vested with all her legal heirs.
Rajendra K Goyal
(Expert) 16 October 2017
You asked:
1. What is the process of transferring Society Shares of our property to my name - What am I required to do?
Reply:
Submit an application with copy of the will probated by competent court to society. If society object proceed to remove objections.
You asked:
2. What and how society has to do to transfer the property shares to my name ?
Reply:
It would transfer the share in your name on satisfaction regarding contents of your application.
Rajendra K Goyal
(Expert) 16 October 2017
You asked:
3. Can society can charge me any transfer fee ?
Reply:
Yes, as per bye laws of the society.
You asked:
4. Is the US probated will recognized in India to be able to transfer and sell the property?
Reply:
As immovable property is involved, succession would be in accordance of Indian Law and probate from Indian Court required.
Rajendra K Goyal
(Expert) 16 October 2017
You asked:
5. Will there be any stamp duty on this transfer of property from joint names to my name only?
Reply:
Share would be transferred on the basis of probated will, Stamp duty would not be attracted as in sale deed.
Suresh Agrawal
(Querist) 16 October 2017
Thank you all for the reply to my questions
Guest
(Expert) 16 October 2017
@Suresh Agarwal,
You cannot expect any real expert to come forward for guidance, when fake experts, like Mr. Rajendra k Goyal and his associates enter in to the fray by starting playing merely a number game by making vague entries. he has already made three vague posts. He is expected to make one or two more unexpected vague posts, may be in response to my alert to you.
In fact, the gamut of all the processes rests on the probated will on which he has given you a very vague, misleading and wrong advice.
On more thing, the title of your post indicates about transfer of shares, but as per description, you desire transmission of property (not shares) of the deceased wife to your name. So, Mr. Venu's has rightly pointed out that transfer of shares and transfer of property are two distinct issues.
So, please be clear, what exactly you want to get done by the society.
Guest
(Expert) 17 October 2017
Please check your PM. Hope my response through PM may help you to proceed further.
Guest
(Expert) 17 October 2017
@Mr. Dhingra,
Was there any hitch to advise the querist on this query page?
Guest
(Expert) 17 October 2017
Mr. Jigyasu,
You have already quoted the reason in your post. So, what is the use of creating any confusion for the querist as well as other readers by providing any contradictory reply on the query page, when only number game is being played by some fake experts by making multiples of vague and irrelevant posts?
Hemant Agarwal
(Expert) 17 October 2017
1. Society HAS to transfer the membership to the Husband of the deceased, within 90 days, on receiving proper application annexed with Form no. 4 & 23, certified copy of US probate, Membership Transfer Fee of 500/-, Membership Entrance Fee of 100/- . PERIOD.
2. US probated Will, is legally acceptable in India, without any exceptions, & without any Stamp Duty or Court fee or whatever and further all property recorded in the schedule in the Probate order, can be sold /gifted/ or whatever, by the LA /Probate holder, without any restrictions.
Keep Smiling .... Hemant Agarwal
VISIT: http://www.maharashtra-society-help-forum.com
