LAW Courses
LAW Courses

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Preeti Varma   09 January 2022

Society transfer fee for blood relative

I am married and purchased a flat from my dad, where my husband is first owner and I am second owner in the agreement for home loan purpose. In this case what amount to be paid to the society. Our secretary asked us to pay share premium also. Pls suggest.

 5 Replies

Kishor Mehta (CEO)     09 January 2022

In Maharashtra the society can not demand any transfer premium for transfer of a flat to blood relative.

kavksatyanarayana (subregistrar/supdt.(retired))     09 January 2022

Yes. Agreed with the advice of the above expert Mr.Kishor Mehta sir.

Preeti Varma   09 January 2022

Thank u so much sir also I need some more information about the same like in which article /clause/section it is mentioned so I can show it to my committee member? Pls help

MPS RAMANI (Scientist/Engineer)     09 January 2022

These are mentioned in the Model Byelaws issued by the Registrar of Co-operation. All Societies in Maharashtra have to adopt byelaws in line with the Model Byelaws which are amended from time to time and get it approved by the Registrar of Co-operative Societies, represented by the Assistant Registrar or Deputy Registrar of the Municipal ward. If it is not in line with the Model Byelaws the Registrar will not approve. The Model Byelaws say that no transfer premium should be collected in the case of transfer between specified relatives. You can demand for a copy of the byelaws from the Society on payment of the prescribed fee.

Kishor Mehta (CEO)     09 January 2022

The relevant section of the Society Bye-law is cited hereunder for your ready reference:

"( H ) Transfer of Shares and interest in the Capital/Property of the Society.

Society Bye-law no. 38(e)(ix) payment of amount of premium at the rate to be fixed by the General Body Meeting but within the limits as prescribed under the circular, issued by the Department of Co-operation / Government of Maharashtra, from time to time. No additional amount towards donation or contribution to any other funds or under any other pretext shall be recovered from transferor or transferee. 

38e.Note: The condition at sr. no. (ix) above shall not apply to transfers of shares and interest, of the transferor in the capital / property of the Society to the Member of his family or to his nominee or his heir / legal representative after his death and in case of mutual exchange of flats amongst the Members.

"Family" means Group of persons which includes husband, wife, father, mother, sister, brother, son, daughter, son-in-law, brother-in-law, sister-in-law, daughter-in-law, grandson /daughter". 

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Post a Suggestion for LCI Team
Post a Legal Query