Internal transfer of flat without consideration or gift deed
BHUSHAN SHAH
(Querist) 25 March 2013
This query is : Resolved
HI,
My client purchased this flat in mumbai in 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
Please guide us through
Regards
ajay sethi
(Expert) 25 March 2013
society could not have transferred falat in wife name without any gift deed . the deed ought to have ben stamped and regd .
society should on being informed that transfer was made without following due process of law should issue notice and set aside transfer of flat in name of wife .
Devajyoti Barman
(Expert) 25 March 2013
Without registration of the deed no transfer shall take place.
Adv k . mahesh
(Expert) 25 March 2013
the stamp duty is applicable as on date
consult the local sub registrar at what rate because every state has different rates
Raj Kumar Makkad
(Expert) 25 March 2013
It shall be good to get the transfer cancelled and make a fresh gift by way of registered gift deed as per prevailing rates fo stamp duty otherwise the penalty shall be many times more than the total stamp duty to be affixed as on day.
Society has done illegal act by transferring the flat in the name of wife of your client without obtaining any registered document.
Hemant Agarwal
(Expert) 26 March 2013
CONTRARY to the various misconceptions:
1. Under the Registration Act and the Stamp Act, a housing Society ("Tenant-Partnership Society") is exempt from registration fees and stamp duty, JUST SIMPLY because here there CANNOT be a sale of the flat in such category of Society, BUT SIMPLY a "transfer of membership" AND transfer of membership does not attract Registration Fees and does not attract Stamp Duty.
2. Share Certificate / Membership cannot be Sold. BUT ONLY TRANSFERRED.
check out the following for other brief understandings:
http://www.lawyersclubindia.com/experts/Co-op-housing-soceity-transfer-of-shares-366106.asp
Keep Smiling .... Hemant Agarwal
