Are Joint owners as per Index II entitled to have their names mentioned on the share certificates or can the society insist that they will only mention the first named owner on the share certificate. If all owners names are not recorded on the share certificates, there could be various complications under the Income tax Act, the Indian Succession Act, The Benami Transactions Prohibition Act and it would affect the right of the other co-owners in terms of getting a loan, gifting the property, making a Will, seeking legal recourse in their personal names or executing sale documents.
I C Naik
Joint owners of a flat are entitled to have their names mentioned on the share certificates. Whose name is 1st the Society will deal with him. The Rest are Associates members.
