Transfer of shares in flat
Ajit N Katkoria
(Querist) 14 September 2016
This query is : Resolved
One of our member (Mr.X)of the Co.op.Hsg.Soc. is owner of the flat along with his parents who are co-owners of the said flat.Now, parents who are staying with him, has submitted affidavit cum Noc to the society to transfer their share in the said flat in favour of son Mr.X due to love and affection and relinquishing their all rights, title and interest over the said flat without any consideration as mentioned in the given Affidavit cum Noc. Whether Society can transfer the shares fully in favour of son on the basis of given affidavit cum Noc. Please advice.
Note: Just for your info....Mr.X is having one married sister and a married brother, who are not staying with Mr. X and his parents.
Kumar Doab
(Expert) 14 September 2016
Relate with society bye laws framed in accordance with Model Bye Laws.
It is read that society accepts NOC-affidavit-indemnity.
Raj Kumar Makkad
(Expert) 15 September 2016
Society cannot transfer share without obtaining either transfer-deed or gift deed duly registered by registrar.
Rajendra K Goyal
(Expert) 19 September 2016
Parents can gift their interest in the name of their son.
Guest
(Expert) 19 September 2016
Mr. Ajit,
Affidavit or noc don't have any relevance in such a cas.
Your society has to abide by the requrements aand legal provisions of the Transfer of property Act. Ask them to produce, duly registered transfer deed, gift deed or settlement deed in favour of their son, subject to compliance of the provisions of the society byelaws, like noc, etc., from the society.
