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Flat 15 wants to gift his flat to his son Sameer
Flat 15 wants to gift his flat to his son Sameer
Operational & Statutory Guidance for Manager: Transfer of Flat 15 via Gift Deed to Son (Sameer)
As Manager of Horizon Demo, you must guide the transfer strictly under the provisions of the Maharashtra Co-operative Societies Act, 1960 (MCS Act), the Maharashtra Co-operative Societies Rules, 1961, and the Model Bye-Laws of Co-operative Housing Societies (Bye-Laws 38 to 40).
Crucial Statutory Rule on Transfer Premium (₹25,000 Exemption)
- • Zero Transfer Premium: Under Maharashtra Government Circular No. CHS-2001/M.No.188/14-C issued under Section 79A of the MCS Act, and read with Model Bye-Law 38(e)(ix), no transfer premium (up to ₹25,000) can be charged by Horizon Demo for transfers between immediate family members / lineal ascendants and descendants (father to son).
- • Entrance Fee: Sameer must pay the nominal statutory Entrance Fee of ₹100 along with his membership application.
Mandatory Documentation Checklist to be Submitted by Flat 15
The following documents must be formally submitted to the management office of Horizon Demo:
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1
Registered Gift Deed (Primary Title Document)
An executed, duly stamped, and registered Gift Deed executed by the registered owner of Flat 15 in favour of his son Sameer, registered with the Sub-Registrar of Assurances.
* Note: Under Article 34 of the Maharashtra Stamp Act, stamp duty on residential property gifted to a son is charged at a concessionary nominal rate, but registration and registration Index-II are mandatory.
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2
Notice of Resignation/Transfer by Current Member
Prescribed Appendix 20(1) (Notice of intention of transfer of shares and interest in Horizon Demo).
Formal resignation from membership under Bye-Law 27 / Appendix 13. -
3
Application for Membership by Sameer
Prescribed Appendix 23 (Application for membership by the proposed transferee).
Undertaking in Appendix 25 on requisite non-judicial stamp paper declaring that the unit is residential and agreeing to abide by the Bye-Laws of Horizon Demo. -
4
Original Share Certificate
The original physical Share Certificate issued by Horizon Demo for Flat 15 must be surrendered to the Secretary/Manager for formal endorsement upon approval.
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5
No Dues Certificate (Financial Clearance)
All outstanding maintenance dues, sinking fund contributions, property tax shares, municipal charges, and any statutory interest accrued against Flat 15 must be cleared in full up to the end of the current billing cycle.
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6
No-Objection / Loan Clearance (if applicable)
If Flat 15 has an existing mortgage, lien, or bank charge recorded in the records of Horizon Demo, an official bank NOC or discharge/release deed must be verified prior to processing.
Step-by-Step Operational Workflow for the Manager
- Inward all documents into the inward register of Horizon Demo and issue a formal stamped acknowledgement receipt indicating the date of receipt.
- Verify that the donor is indeed the sole (or joint) registered member in Form I (Register of Members) of Horizon Demo.
- Confirm that maintenance dues for Flat 15 stand at zero.
- Under Model Bye-Law 39 and Section 22/23 of the MCS Act, all valid transfer applications must be placed before the Managing Committee within 30 days of receipt.
- Include the transfer of Flat 15 as an explicit statutory agenda item in the Managing Committee Meeting (MCM) notice.
- The Managing Committee of Horizon Demo will evaluate the registered Gift Deed, confirm eligibility, and pass a formal resolution approving the transfer of shares and admitting Sameer as an active member.
- Under Bye-Law 39, communication must be issued in writing within 15 days of the meeting.
- The Chairman and Secretary of Horizon Demo must sign and seal the reverse of the original Share Certificate, recording the transfer to Sameer.
- Update Form I (Register of Members) and Form J (List of Members) for statutory audits.
- Update the billing ledger of Horizon Demo so that future monthly maintenance invoices are issued in the name of Sameer for Flat 15.
WHAT HOS CAN DO NEXT
Transfer of Flat 15 via Registered Gift Deed to Transferee Sameer
Process the statutory transfer of share certificate and membership interest for Flat 15 in Horizon Demo from the existing registered member to his son Sameer via a registered Gift Deed in compliance with MCS Act 1960 and Model Bye-Laws 38-40.
Collect and Inward Transfer Dossier and Statutory Forms
IN PROGRESSAll statutory application forms, registered gift deed, original share certificate, and entrance fee are collected and formally acknowledged.
Audit Financial Ledger and Verify Zero Transfer Premium Rule
UPCOMINGFlat 15 financial ledger in Horizon Demo reconciled to zero dues and statutory transfer premium waiver verified under lineal ascendant/descendant rule.