My paternal aunty (kaki) and we have been a part of same family. I have resided in same house since my birth in 1986 till 2014. She has no legal heirs and I am like her son. She has gifted me the house. The house is not sold to any 3rd party. Now, because of her unstable health and her wish to transfer the house in my name in her presence, she has gifted me the house by the means of gift deed. the copy of gift deed, index paper have already been submitted to society committee earlier. my name change registration is also under process in city survey department of Vadodara My name had been added as a nominee (3rd nominee after uncle and my father) and the same is resolved in society AGM. Since the name transfer has already been done in the form of gift deed, there has been no financial transaction between the two of us. Govt. of Gujarat's Revenue dept Stamp duty certificate showing “No consideration” has been furnished to society committee on 19‐08‐21. Society is demanding transfer premium (INR 50,000) for name transfer in share certificate. Considering the above factors (within family, no money transaction, registered nominee). Am I legally bound & liable to pay transfer premium fee for share certificate name transfer either in full or partly ?
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The relation of the brother, Sister, Father, Mother, Grand Father, Grand Mother, etci.eA lineal descendant, in legal usage, is a blood relative in the direct line of descent - the children, grandchildren, great-grandchildren, etc. falls within the definition of a family as per the model bye-laws.
2) your aunt does not fall within defintion of relative
3) hence you are liable to pay transfer premium to society
If the bylaws of your society stipulate any transfer fee, you are bound to pay it. Please check the bylaws. You may negotiate with them for a reduced sum.
Actually the society should not insist to pay the transfer amount for this type of transfer since it is a gift deed within the relatives.
However you may first be aware that you are not a blood relative to your aunt.
Transfer premium is not necessary for deceased member, mutual transfer among two members of the society or transfer among family members.
If Society does not accept the application of transfer from member, the member can make application to the Society through Registrar of Co-operative Societies.
It is obligatory on the part of the Society to take decision within 60 days on such application received from the Registrar.
- As per Society bye laws no transfer charges are required if flat is sale or purchased within blood relation.
- Since , you not come under the relation of blood related then you are entitled to pay the transfer premium to the society for changing the name in the share certificate .
- The said Gift deed is for evaluating the ownership , and not for showing the relation with Kaki.
It's illegal don't pay it. If you need any further assistance then you can approach me through kaanoon or LinkedIn.
Dear Client,
As per bye law no.38(e)(ix) some amount should be paid as premium for transfer of shares but as per the rules made by department of housing co-operation which state that premium should be 2.5% of the difference between the book value of the flat and the price realised by the transferor on the transfer of the flat, or a maximum of Rs 25,000, whichever is lesser .
Thank You.
