G transfer of shares and interest in the capital property of the society. List of forms prescribed under the byelaws kunal icon. Propguide shares a few benefits of living in a cooperative housing society. Features for member login housing society software. Societynmore society management software application. Deed of transfer of a flat in cooperative housing society. Usually society owners pay maintenance charges and other relevant charges for varied amenities that the society provides. The form of letter of consent of the proposed transferee for the transfer of the shares and interest of a member transferor to him transferee 38a 21. Table of content for maharashtra cooperative housing society bye laws with subject matter. A cooperative housing society is a setup formed through mutual cooperation and consent of a number of members. Benefits of living in a cooperative housing society. Chs online cloud society accounting and management software provides efficient way to organize accounting and billing solutions to cooperative housing society and resident welfare association.
Transfer fees received by a cooperative housing society exempt. Cooperative housing society a type of home ownership, in which the residents of a housing complex own shares in the cooperative corporation that owns the land property, with each resident having the right to occupy a specific apartment or unit. Recently, the special bench of the itat, mumbai, has rendered a judgement in the case of walkeshwar triveni coop. Housing cooperatives are a distinctive form of home ownership that has many characteristics that differ from other residential. Pcspl housing society management cooperative housing. There have been around 40 gift deeds and transfers since then. Cooperative housing society limited free from all encumbrances and reasonable doubts together with all his right, title and interest in the said five fully paid up shares of the face value of rs. Eliminate manual processes and errors, keep uptodate registers and records, have greater transparency with accounts, create repository of important documents and forms, have meetings and polling online, manage visitors and. Maintaining these records is too difficult at times. Model byelaws of cooperative housing society model byelaws appendix.
If the committee finds that the member is not eligible to do so, the committee shall direct the secretary to inform the member about the same, sighting the reasons. Advocate sanjeev kanchan transfer of shares in cooperative housing society. Section 22 to 35 maharashtra cooperative societies act 1960. To begin with, the seller has to give a 15day notice to the secretary of the cooperative housing society informing them about hisher intention of letting go of the membership. No transfer of shares shall be effective unless, a it is made in accordance with the provisions of the bylaws. Steps to transfer to transfer house, land or apartment in co operative society in west bengal you need permission of the society as provided under rule 1 3 of the wbcs rules 2011 rw section 92 of the wbcs act 2006. Formalities to be taken while buying and selling a flat documents. Apnacomplex automates several key processes helping you manage efficiently.
Transfer of shares on death of a member in cooperative. Biswa ranjan sengupta hereinafter referred to as the appellants father, was admitted as a member of the sarbar view cooperative housing society limited hereinafter. Some of the functions of a cooperative housing society are statutory functions like transfer of shares of the members with the underlined. Housing society software helps to calculate and evaluate the accounts of the society. A person desirous of becoming a member of a chs, is required to satisfy the committee on 8 matters specified in the registered byelaws of every. Such a nominee does not become the only owner, the hc said. Most of the issue of property transfer issue in absence of the nomination can be avoided if the cooperative housing society management committee members pays the attention to requirement of form i, which needs to be completed soon after the membership is accepted by the managing committee and his her shares are transferred allotted. The billing and accounts combined with professional management has become strength of many of our clients. Cooperative credit society software vayak, ahmedabad, gujarat.
Debt and earnings are the other primary sources of capital. However, if the society is asking for donation amount more than 0. By advocate sanjeev kanchan posted on 10th july 2002 provisions still valid i would like to deal with. Who is liable to pay the flat transfer fee to coop. Register for a free trial of apnacomplex to see how easy it is to manage your housing society could be. Accounting software for housing society free download. Gst on cooperative housing societies maintenance dues. Free housing society accounting and billing software hurry up. Cooperative housing corporations current tax issues. Nomineess challenges in a housing cooperative society. Abstract a cooperative housing corporation is defined for tax purposes by four criteria, including. Transfer of shares to nominees or legal heirs in case of death of a member in a cooperative housing society.
Maharashtra cooperative society act 1960 recent changes adda. Nomination and membership of nominees transfer procedure. With the changing scenario of increasing complexities in housing society management, we have professional housing society management. Share certificates of a housing society the economic times. Do check section 30transfer of interest on death of member, section 35expulsion of members. An application for transfer of shares and interest in the capital or property of the society should be made in the prescribed form, along with the share certificate an application for membership of the proposed transferee should be made in the prescribed form valid reasons for the proposed transfer should be furnished all the liabilities of. In the case of share certificates of a housing society, the rules change slightly. Procedure for transfer of shares maharashtra cooperative. To understand capital gains from selling cooperative housing society flatplot in west bengal it is important to understand the specific provisions of the income tax act as provided under. It also emphasises on software for cooperative society. The purchase price will vary depending on the neighborhood, the units size if the cooperative limits resale prices, and if the cooperative has an underlying mortgage for the entire property. Transfer set i have found that many agent advocate uses the old transfer set i. Act 1960, rule 24 of the mcs rule 1961 and the byelaws no.
Collection base commission calculation and auto transfer to agent saving ac or cash or bank. I can issue share certificates to members whose flats have not got transferred. Endtoend system from compliance management to facility management. The city of new york requires a filing fee be paid. Hope a large number chs management will take trouble to understand fully and strengthen their understanding on certain important fundamental matters of housing society management. A form of notice of, intension of a member to transfer his shares and interest in the capitalproperty of the society. Gift taxes in transfer of coop shares the new york times. Procedure for the transfer of shares and interest in the. When you buy a share or membership in a housing cooperative, you are paying for just that. On death of a member in a cooperative housing society, the most important issue which arises is, as to who will success to the shares and interest of the deceased member in capital property of society.
Essential documents for transferring a property in a. It will then be decided whether the member is eligible to transfer his shares and interest in the society. Top housing society and apartment management software in 2020. Also mc unaware of that and they transfer the share certificate. A housing cooperative, housing coop, or housing company especially in finland, is a legal entity, usually a cooperative or a corporation, which owns real estate, consisting of one or more residential buildings. I have been given the responsibility of issuing share certificates. Maharashtra cooperative society act 1960 recent changes. Members can generate various forms for transfer of shares, leave and license applications. Society bound to transfer membership in the name of nominee but it is open to other family members to pursue case of succession or inheritance. In order to reduce the responsibilities of the society members we have developed cooperative society software in india. Cooperative transfers and the cost of certainty the law. To begin with, you can submit an application for duplicates, along with an indemnity bond, to your society. The nominee represents the legal heirs of the deceased member while dealing with the cooperative society and is only empowered to act on behalf of the real. Housing society limited is concerned, the said society by its letter dated 3rd.
In view of aforesaid facts and the judgement, it is simply clear that the society will have to transfer the shares in the name of the nominee, irrespective of any objection being raised by any other person unless and until the aid objections obtain relief in the normal. Documents required for transfer of a flat in a cooperative housing society. Under the mcsa, on the death of a member, the society can transfer the interest to a nominee or an heir or a legal representative. I request you please admit me as a member of the said society and transfer the shares and the interest of the transferor in the capitalproperty. Being a committee member in housing society is a thankless job. March, 2014 to the learned commissioner for taking accounts has conveyed that. Chs online is simple and easy to use, and tailored as per cooperative housing society needs. Inform the cooperative housing society the economic times. We have removed her name from the shares and lease of our coop for estate reasons. Residential apartment accounting software software for. The latter is a contract, wherein you promise to make good any loss that may arise in case the original instrument is presented.
Usually, the cooperative requires the original owners attorney to prepare a state tax form that must be filed even when the transfer is made as a gift. The form of application for the transfer of shares and interest in the capitalproperty of the society by the proposed transfer or i being an individual. The managing committee of the society must hold a meeting to understand whether or not the seller is eligible to transfer hisher membership rights. In case the asset transferred is a long term capital asset being a residential house, and if out of the capital gains, a. Getty images a form of notice of intention of a member to transfer his her their shares and interest in the capital property of the society appendix 21. Documents to be executed and signed for transfer of shares. Section 22 to 25 of maharashtra cooperative societies act 1960. It also works as society accounting software, apartment management. Cooperative businesses require capital, and they generate capital in part through the share investments of memberowners. Housing society management and accounting software. Issuing of share certificates in cooperative housing society.
Fee levied on flat transfer formalities to be taken while buying and. Liability for transfer of shares by stan simon 2005 jul finance any transfer of ownership of a cooperative unit will require the cooperative corporation to cancel the old stock certificate and issue a new one. How to transfer land, house or apartment in west bengal co. Under section 29 2 a of the maharashtra cooperative societies act, 1960, no share can be transferred unless the share has been held for one year before the transfer and it is made to no one else but the member of the society, or one whose application for membership has been accepted or one who is deemed to be a member of the society. Briefly stated the steps involved are a 15 days notice by the member to the society of intention to transfer. Maharashtra chs act can society transfer the share certificate in the name of the nominee in spite of objections from legal heirs. On death of a member in a cooperative housing society, the most important issue which arises is, as to who will success to the shares and interest of the. Other than that, residences see transfer of shares if the owners pass it on as inheritance or in the event of the death of the original member. Member chairman chairman chairman chairman chairman. Member shares provide the coop with an adequate capital base, and they create a sense of ownership. Save capital gains from selling cooperative housing property. Following are some of the important changes done in the maharashtra cooperative society act, 1960 and also in the model byelaws of cooperative housing societies the condition for membership.