Father gifted his 5 shares in co op society to his childrens
mahmood mithani
(Querist) 13 August 2017
This query is : Resolved
My father is gifted his 2300 sq flat to his 4 children in following ratio - 3 sons 533 sq feet each & daughtet 700 sq feet.
The flat is having 5 shares in co op housing society.
My query is the shares are to be divided & transferred in the above property ratio? Or the society should issue new shares to new members of the society? Ie 4 children against the old shares.
I ll be highly obliged if someone advice me on this
Thanks
P. Venu
(Expert) 14 August 2017
The facts posted are confusing and less than convincing.
Kishor Mehta
(Expert) 14 August 2017
Sir,
If the flat is a single unit, and if a single share certificate is issued for five shares, the share certificate can not be sub-divided. You may include the names of the legal beneficiaries in the share certificate as joint owners. You can execute a family arrangement specifying the shares as per the wish of your father.
Good luck,
Kishor Mehta
Rajendra K Goyal
(Expert) 14 August 2017
Well advised, agree with the expert Kishor Mehta.
M V Gupta
(Expert) 14 August 2017
In the case of housing society flats, there cannot be a division of the flat because as per the approved plan it is one unit. As ur father has executed gift deed specifying each person's share, you should apply to the Society for transfer of the share certificate in the joint names of all the beneficiaries with respective shares being mentioned against each person's name. You will be joint owners of the property and will be jointly responsible to pay all the taxes and society charges etc in the proportion in which the flat is gifted to u.
M V Gupta
(Expert) 14 August 2017
The society will not issue new share certificate. The transfer will be endorsed on the reverse of the share certificate issued to ur father.
Hemant Agarwal
(Expert) 19 September 2017
WHILE "PARTLY" agreeing with Adv.M.V.Gupta and Shri Kishor Mehta:
1. Gift for a single non-dividable immovable property CANNOT be executed and shall remain null & void.
2. Society shall record /transfer the new names (in sequence) on the "single" Share Certificate, BUT WITHOUT SPECIFYING THE PERCENTAGE of shares of the Share Holders. In a Society, ALL " members" on the Share Certificate, remain to have undivided equal interest.
Keep Smiling .... Hemant Agarwal
VISIT: http://www.maharashtra-society-help-forum.com
M V Gupta
(Expert) 20 September 2017
Shri Agarwal may kindly elaborate/explain issue No.1. I have not come across any provision in the Transfer of Property Act prohibiting joint ownership of an immovable property which not divisible.
