Transfer of share and interest in cooperative society

Swaty Gupta (Querist) 22 January 2023 This query is : Resolved
Dear Experts,
Can a member of a cooperative group housing society transfer his share and interest to a person who is not a relative or family member. If yes, then how? Kindly guide.
Swati

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This discussion explores whether a member of a cooperative group housing society can transfer their share and interest to someone outside their family. Experts clarify that the transfer can be done via a gift deed (if no money is exchanged) or a sale deed (if consideration is involved). However, it's noted that transferring a share is generally linked to the ownership of the apartment itself, implying the property must be sold first.

kavksatyanarayana (Expert) 22 January 2023
That deed will be the gift deed if no consideration is involved and if the consideration is involved it is a sale.

Dr J C Vashista (Expert) 24 January 2023
I agree with expert Mr. Kavksatayanaryana ji to some extent, which would differ if share of member is under transfer to an outsider without transfer of title of the property.

P. Venu (Expert) 25 January 2023
In my understanding, share in the Society is coterminous with the ownership of the apartments constituting the Society. As such, it is inherent that for transferring share in the Society, the property ought to have been sold in the first instance.

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