New housing society shares certificate

Rohan (Querist) 26 October 2021 This query is : Resolved
Hi,

My father owned a flat in Naigaon East, Maharashtra. The share certificate was issued in his name. My father passed away in Aug21 intestate. My sister and myself have given an NOC for the flat to be transferred to my mothers name. The building society is now asking all its members for the old share certificate and wants to issue new hand written share certificates as they say the format is changed.

Would there be any problem if we hand off the old share certificate to the General Secretary and collect the hand written share certificate?
If new share certificates are issued do we need to get it registered or pay any stamp duty?

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Quick Summary

A query arose regarding the process of exchanging an old housing society share certificate for a new one, especially after the original owner's passing. The consensus is that handing over the old certificate to the General Secretary to receive a new, handwritten one is generally fine. No stamp duty or registration is typically required for this exchange, provided the new certificate is properly signed and sealed by the society.

kavksatyanarayana (Expert) 26 October 2021
If they give it with their signatures and official seal then it is ok. No stamp duty is required.

Dr J C Vashista (Expert) 27 October 2021
Obviously existing share certificate has to be cancelled before issuance of new share certificate in favour of your mother on the basis of documents submitted by other LRs of deceased member (your father) including application, affidavit and undertaking of your mother.

SHIRISH PAWAR, 7738990900 (Expert) 27 October 2021
Hello,

Society is asking the share certificate from all the society members. So you can hand over your certificate and get the new certificate. Bo need for registration or stamp duty payment.

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