Natesh Kurup (Sr Consultant) 11 February 2012

Inheriting a flat in a cooperative society

My mother owns a flat in a cooperative society in mira road and the shares are listed in her name. She desires me to inherit the flat. She has been advised to transfer the shares to my name. Will transferring the shares in my name be sufficient or should there be a gift deed ? I have an elder brother and my mother stays with him. Can she will it to the elder brother after the shares has been transferred to my name. Would that cause an issue for me later?

Regards

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2 Replies

Chaitanya_Lawyer_Mumbai (Lawyer) 17 February 2012

It is better to get Gift deed done in her lifetime,it will make the property legally yours.

Else get a WILL in your favour,but she can change the will anytime in future.

Else you can have your name as nominee,but still both the sons will have equal rights as legal heirs.

Natesh Kurup (Sr Consultant) 19 February 2012

Thanks for your advice.

Actually there are 2 flates involved and both are in different places, do i need to register 2 different gift deeds for tha same. Does the gift deed need to be registered at the place where the flats are eg: mira road or can it be done in thane / mumbai ?

Regards

Natesh Kurup