Is it necessary for individuals to acquire a no-objection certificates (NOC) from their members of the family for any present deed acquired by them?
—Name withheld on request
Under the related provisions of the Transfer of Property Act, 1882, ‘gift’ is the switch of sure present moveable or immoveable property made voluntarily and with out consideration, by one individual—the donor—to a different—the donee—and accepted by or on behalf of the donee. Acceptance should be made in the course of the lifetime of the donor and whereas he’s nonetheless able to giving.
If the subject material of a present is immovable property, the identical is required to be duly stamped and registered on the sub-registrar of Assurances having jurisdiction for the present of immovable property to be legally legitimate.
So lengthy because the donor is the authorized proprietor of the property and it’s self-acquired, he can present the property in favour of anybody. It is legally incorrect to state that for accepting a present, the donee has to take an NOC from his members of the family. A duly registered present deed is enough for effecting switch of all rights, title and curiosity within the property unto the donee.
I’ve purchased a flat from my brother and sister-in- legislation. The ‘Society’ lawyer has opined that switch charges aren’t payable below bye-law No.38 because the transaction is between members of the family. Is this proper?
—Name withheld on request
We assume from the studying of the question that the flat is positioned in a society ruled by the Maharashtra Co-operative Societies Act, 1960.
The switch of shares and curiosity within the capital /property of the society are ruled by the process prescribed below bye-law no. 38 to which a ‘note’ is appended, which inter alia offers that “cost of quantity of premium shall not apply to switch of shares and curiosity of the member/transferor within the capital/property of the society to the member of his household or a registered present deed executed by the member/transferor”.
Further, the definition of the household below the bye legislation inter alia contains in its definition brother and sister-in-law. Thus, such a transaction between members of the family is not going to appeal to any switch charges even when the transaction is thru a sale or present deed.
In the situation, the opinion of the society lawyer is by way of the bye-laws.
Aradhana Bhansali is accomplice, Rajani Associates.
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