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Thursday 9 November 2017

Co-operative housing can’t object to transfer through gift

Can a member of a co-operative society affect a transfer of a flat by transferring or selling his shares without any other material consideration? Can a society raise any legal objection to such a transfer? Is it necessary to register the transfer deed with any other legal body? If so, what is the procedure? As there is no price or sale involved, will it attract stamp duty?

—M. Royson

We are assuming that the flat in question is situated in Mumbai and forms a part of a co-operative housing society governed by the provisions of the Maharashtra Co-operative Societies Act, 1960.

From a legal perspective, there is no difference in effecting a transfer of a flat in a co-operative housing society either by a mere transfer of shares issued by such a co-operative housing society by executing a transfer form or by executing a deed whereby both the shares and the right, title and interest in the flat are transferred. While society cannot object to either of them, most people prefer the latter so as to document certain rights and other understandings between the transferor and the transferee.

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