Me and my wife have flat each in our society. Now my wife is desirous of gifting her flat to me. After the formalities of gifting are done, can I ask the society to transfer the shares name?
Registration of our society is : Gurudeo Ganga Vihar Coop. Socity, Chembur, Mumbai 400 071
Registration No. : Bom /W(G-N) HSG(TC) / 4891/ Year 90-91
I shall be highly obliged to get your valued advise.
I C Naik
In a case of a couple having one flat each in their name both are members of the Society having 1st name in the share certificates issued by the society. When one of the flat owner gifts the flat to another the donor’s membership stands terminated and the society cancels the share returning the amount paid for the share(s). The do-nee being the member does not need another share certificate. The flat ownership is evidenced by the flat’s registration deed and membership of the society by the share certificate.