internal transfer of flat without consideration or gift deed
BHUSHAN SHAH
(Querist) 22 September 2015
This query is : Resolved
HI,
My client purchased this flat in mumbai on April in the year 1977, in 1989 due to some reason he transferred the said flat in the name of his wife (gift deed is not made and no monetary transaction is done). Society have changed the share certificate in the name of his wife and nominated his son for the said flat. Now the question is - we have came to know that the internal transfer also attracts stamp duty. Is this so then at what rate, secondly is society right in transferring the flat in my clients wife name..
Do he needs to pay stamp duty & registration for the purchase in 1977 as it was not the rule in 1977, and if yes than at what rate with penalty on the purchase in 1977.
Also recently we come to know that transfer of flat to relative does not need stampduty or registration only executing transfer deed on Rs. 500/- stamp paper without paying stamp duty and registration fee would be enough.
if this is so then Can my client do it in current date .
Please guide us through
Regards
P. Venu
(Expert) 23 September 2015
In the absence of registration, there is no conveyance of property in the eye of the Law.
Hemant Agarwal
(Expert) 24 September 2015
1. Title-Ownership of an immovable property (Flat) CANNOT be transferred by a Society, simply because the Society has no legal jurisdiction to do so.
2. Presently ONLY in Maharashtra, Stamp Duty is 200/- for Gift Deed's executed in favor of very near relations. Registration Fee is as usual, being maximum at 30,000/-
Keep Smiling .... Hemant Agarwal
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Dr J C Vashista
(Expert) 25 September 2015
If not a "Gift Deed" and transaction is without consideration; is it transferred by a "Relnquishment" or what is the document wherein the title is transferred to wife, consequently society has transferred his share in the name of his wife???
Please enlighten us also.
BHUSHAN SHAH
(Querist) 09 March 2019
Just an application for transfer was submitted to the society and no other documents was given or asked by the society
