Chs law in maharashtra
Querist :
Anonymous
(Querist) 07 March 2020
This query is : Resolved
I am a senior citizen and own a flat in single name. I want to make my son joint owner so that he can get involved in society matters. At present I cannot make him associated member sinch he is not a joint holder.
Please advise procedue.
Thanks
kavksatyanarayana
(Expert) 07 March 2020
If you wish to add your son as a joint owner, you shall execute a Gift deed in favour of your son.
Raj Kumar Makkad
(Expert) 07 March 2020
If you have a property in your name, you are free to add either your spouse, children, relative or any other person as per your wish as a joint owner. When you join any of them they become the joint owner of the property by default. You can specify the portion of the property either 50% or any other percentage of portion of your choice to be the co-owner.
1. You can also sell a portion of the property to the co-owner and register the same in his name with a sale deed duly registered with the concerned sub-registrar of the area by paying the necessary transfer fees.
2, You can also gift the property to some one who is either related to you or any other person by executing a gift deed duly registered with the sub- registrar of the jurisdiction on a duly stamped deed. When you gift a property to your relative, under the purview of gift tax it is non-taxable. In case you gift it to other than relative the value of the property is treated as income and is taxed as per the income tax rule.Benefits :
1. Co-owning the property is always beneficial because one of the co-owner either husband or wife dies, the surviving spouse automatically becomes the sole owner of the property.
2. If the couple or joint owners have taken a housing loan in their joint name, each can claim tax benefit u/s 24 of the IT. Act and also separately claim the tax benefit u/s 80C for repayment of principal under housing loan up to-i lakh each.
3. According to the Transfer of Property Act, a co-owner has a proprietary right to the entire property. So any transaction needs to be done with the consent of all the owners, unless specifically mentioned in the agreement.
4. The co-owner has full rights to decide whether to reside in it, give it out on rent, or even sell it. Whenever the house is sold, the co-owners will have to pay tax on the capital gains earned by them. In case of second owner, the capital gains will be computed on the basis of the market value of the house as on the date that it was sold or gifted to him.
Dr J C Vashista
(Expert) 08 March 2020
Your sole aim of participation in Society affairs by your son can be achieved by transfer of property / part of property in the name of your son, which can be by way of gift or sale.
Raj Kumar Makkad
(Expert) 08 March 2020
Some societies even permit the representative of the member subject to clear authorization of the member.You can also adopt this procedure even without transferring any share of the property if it is permitted by your soceity.
Rajendra K Goyal
(Expert) 12 March 2020
Refer the bye laws of the society and know the full procedure. In case of need gift required portion of property to your son.
You can write a will for rest of portion as per your wish.
T. Kalaiselvan, Advocate
(Expert) 21 March 2020
You can make your son a joint owner of the property legally by transferring a portion of your property to his name by executing a registered gift deed in his favor.
This will facilitate him to be a share holder in the share certificate of the society as well.
Rajendra K Goyal
(Expert) 27 March 2020
It would be better if you transfer a portion of property as gift to your son and get his name added.
Raj Kumar Makkad
(Expert) 27 March 2020
The author is silent whether the be-laws permit to appoint anyone of the family of the member to represent such member in the affairs of the society or not.
Rajendra K Goyal
(Expert) 28 March 2020
The author must refer the byelaws of the society in this respect also.
T. Kalaiselvan, Advocate
(Expert) 28 March 2020
The author probably has got the answers to his questions hence he is silent on further issues.
Let him revert with more queries, we can address them properly.
