Transfer of Shares to legal heir

We have a member in our society who has died intestate. She has also not filed her nomination form in favour of any one. She used to stay with her son. Her other children have given an NOC in favour of the son staying with her at the time of her death. Now, the son wants us to transfer the flat in his name. The following 2 questions arise :
  1. Can the Society waive the transfer charges, since the transfer is to a blood relative ? Do the Model Bye-laws allow it ?
  2. Does he have to pay the Stamp Duty for transfer to the Stamp Office ?

MCS Bye Law No 38 (ix)
Transfer Order Dated 26.08.2011 issued by Deputy Registrar M Ward under instruction from Lokshahi Din vide letter B/1035.

Courtesy : J.B.Patel – Jeby, Housing Societies’ Activist, 9829538570

_3__MCS_BYE_LAWS_FOR_TRANSFER_OF_SHARES (1)

_1__TRANSFER_FORMALITIES_FOR_A_FLAT

_4__No_Transfer_Fee_from_a_family_member_-_Malini_Shetty__Munjal_Nnagar_-_by_Dep. Registrar

 

Bye-Law No. 35 will be applicable in this case. The Society will have to give notice in at least 2 local newspaper for the same as per Appendix-16 format. Cost will be recovered from the member. Also an Indemnity bond from the other legal heirs to the Society will be required. Stamp duty is not applicable in this case neither does any premium on transfer fees are applicable. Membership fee of Rs. 100 may still be applicable.
This is not transfer of shares technically. Name of the nominee on the share certificated does not mean he / she is the owner. They are only trustees of the said premises and the ownership rights of the legal heirs are still applicable.
If society is not competent in handling the matter then hiring a lawyer may be a better option. Hope this helps.
Courtesy : Rajesh Thakkar

 

 

Advertisements

One Comment on “Transfer of Shares to legal heir”

  1. Dhiraj says:

    Dear Rajesh Thakkar,

    I need to ask you one simple question, if the other legal heirs have provided the NOC to the society and incase society finds everything ok and does transfer the flat in the said son’s name. Does this make the son owner now? Can the said son in this case, sell the property?


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s