Q:My mother bought a 1 BHK in bhayander East in 1995 sep 5th. She paid a stamp duty of 1% but did not register the document. she wants it to give it to my younger brother. Should she register and pay the stamp duty and then transfer it to my brother or what is the procedure for doing it now after apr 2015
Latest Answer: Hi Kumar,
Firstly, she has to register property in her name and will pay the stamp duty as per the new rule i.e.5% of the total property cost as per the the guidance value and market value whichever is higher if the property falls in Municipal Corporation and 4% if it falls under Municipal Council. Secondly they have to clear the all the dues taxes then only she can transfer the property to her younger son.
Latest Answer: You are right Vasanth,
The draft rule also makes it mandatory for builders to use units and symbols of measurements prescribed in Legal Metrology Rules 2011. No weighing or measuring instruments except those specified by Legal Metrology Rules 2011 shall be used for measurements. Such instruments shall be periodically verified as required under the new Act.
It s also notable that now builders can't advertise apartments in terms of square feet as has been the standard practice in the construction industry.
Latest Answer: Hi,
When the names of all the members are put down on the share certificate, the first name that appears on the share certificate is treated as the original member. The rest of the names that appear on the share certificate are treated as associate members.
Yes, No Objection Certificate from the Original member will need to be submitted by the associate member in any manner intending to be a member of the managing committee of the society.
Q:What is the process of transfer of property under Mumbai housing society if:The owner had 2 sons and has died without will.On share certificate there is only one nominee with 100% shares in his name.1. Can the nominee transfer the said property in his name? If yes, what would be the procedure? Will he has to pay stamp duty, VAT etc?2. Can the second son claim any rights in the said property – as there was no will and only share certificate left by the owner.
Latest Answer: Before transferring the shares and interests in the property, you have to give your intentions as a notice prior to 15 days to the secretary of the society. The notice can be given on an application form along with the consent of the proposed transferee. On receipt of the notice, the secretary of the society will place it before the meeting of the committee, held next after the receipt of the notice, pointing out to whether the member is eligible to transfer his shares and interest in the capital or property of the society.