adding spouce as co-owner to the property

Divakar (Querist) 12 September 2016 This query is : Resolved
Can a member of cooperative housing society add his spouce as coowner to his property and apply for inclusion of his spouce's name in share certificate as joint owner?

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cherukuri prasad (Expert) 12 September 2016
Yes he can

Devajyoti Barman (Expert) 12 September 2016
Yes , he can but for this he will have to gift his half sahre to his spouse to make her first the co-owner and then apply for adding her name in membership record.

Raj Kumar Makkad (Expert) 12 September 2016
Addition is not so easy job. Unless the spouse becomes the owner of either of the shares in that property, his/her name cannot be added.

Raj Kumar Makkad (Expert) 12 September 2016
How the contents of the query are related with you?

Guest (Expert) 12 September 2016
If Maharashtra then further easy , Stamp duty and registration fee for Gift Deed to close relative is nominal from last year

Ms.Usha Kapoor (Expert) 13 September 2016
IF BOTH OF YOU'VE APPLIED FOR JOINT LOAN AND THE LOAN WAS ADVANCED TO BOTH OF YOU YOU AND YOUR WIFE' SHARE IN THE housing Loan WOULD BE 50:50 SHE BECOMES THE CO-OWNER. AND IT IS JUSTLY DESCRIBED AS joint OWNERSHIP OR CO OWNERSHIP .THIS KIND OF COOWNERSHIP CONFERS DEDUCTIONS IN RESPECT OF PRINCIPAL TO THE EXTENT OF RS.1.5 lakhs U/S 80 c AND ALSO INTEREST FOR EACH OF THE COOWNER Separately u/s 24 TO THE EXTENT OF RS.2 LAKHS. Now EACH OF YOU CAN SEPARATELY CLAIM section 24 DEDUCTION OF INTEREST AMOUNT of Rs. 2 lakh each and u/s 80 C principal DEDUCTION TO THE EXTENT OF RS.1.5 lAKH.each.
You can claim a deduction of an additional Rs50,000 under section 80 EE on interest if your loan amount is Rs. 50 lakhs and applicable for the period of 1st April 2016 and 31st March of 2017.

Sudhir Kumar, Advocate (Expert) 13 September 2016
read society constitution

Divakar (Querist) 13 September 2016
Dear Mr. Makkad,
A member of our housing society inquired this and I am the chairman in the society and I could not get the information from the society bye-laws regarding adding family members name as co-owner, apart from eligibility related to Associate Membership and Nominal Membership.

As per Mr Barman above, it is possible with gift deed for 50% share transfer to the spouse and then with application for addition in the share certificate.
Please correct me if am wrong.

Ms.Usha Kapoor (Expert) 13 September 2016
Mr. Barman too was right.

Kumar Doab (Expert) 13 September 2016
Expert Mr. Barman has explained.

You may check Model Bye Laws and society bye laws framed in accordance with Model Bye Laws.

Raj Kumar Makkad (Expert) 13 September 2016
You being chairman of the society have a right to obtain the transfer of the share by husband in favour of his wife by way of either gift-deed or by any other registered mode. If the registered instrument is submitted to you, only then the share transfer can be effected.

ADV-JEEVAN PATIL, MUMBAI (Expert) 13 September 2016
Yes splice can be made as joint owner but she will be have no voting right in election as she will be treated as Associate member

Rajendra K Goyal (Expert) 21 September 2016
Agree with the expert Devajyoti Barman.

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