Procedure for transfer of flat in government records

My father has a flat in Mumbai wherein my mother and I (son) have been mentioned as nominees. There is no Will from my father. The society is ready to transfer the flat. My question is: What is the procedure for getting the flat transferred in the records of the Maharashtra government under the Indian Registration Act?

LRC’s Reply: From your query, it appears that your father is no more. If so, you and your mother can, together, apply for transmission of your late father’s flat jointly in both your names, after filling the required the forms as stated in annexures of bye-laws book of your cooperative housing society (CHS).

For transmission (transfer of the flat, after the death of its owner, in the nominee’s name, is called transmission of the flat) of the flat, it is neither necessary nor possible to register the document under the Indian Registration Act.

If you still feel that the flat should be legally in your name, you can apply for a succession certificate of your father’s flat from the protonotary of the Bombay High Court. Getting a succession certificate of your father’s flat, in the joint names of your mother and you, has same legal effect as registration of the flat under Indian Registration Act.

Have a legal question? Try  Moneylife Foundation’s Legal Resource Centre. Check out
http://lrc.moneylife.in and register at http://moneylife.in/lrc.html

User

Can a society bar members from communicating?

In our CHS, the secretary wants members to earn money by using the flats as a hotel. The agreement that he drafted was totally in favour of the lessee, though he termed it as a leave-and-licence agreement. Many members wanted the agreement to be redrafted. But the chairman informed the members that if they corresponded with each other, ‘the committee would take suitable action’. Can it bar the members from corresponding with each other? If it is done, can any resolution, election, action be valid?

LRC’s Reply: The managing committee (MC) is violating the fundamental rights of the members of the CHS. It is violating Articles 13, 14, 19, 21, 31A, 31B and 31C. They are putting unrealistic, and compulsory, conditions on its members of not allowing members to communicate with each other. Also, using MC’s draft to lease the premises, is a violation of Articles 13, 19, 31A 31B and 31C of the Constitution.

All the Articles mentioned above are given in Part III, Fundamental Rights of Indian Constitution. Violation of any of these rights can be redressed by a writ petition to the Supreme Court under Article 32 which is also a fundamental right. A writ petition to the High Court under Article 226 can also be made in this case.

Turning CHS premises into a hotel, by giving its premises on leave-licence, amounts to ‘change of use of the premises’. This has to be approved by building proposal department of the municipal corporation, as this change of user requires additional infrastructure to be incorporated in the existing premises, such as more bathrooms, hotel’s kitchen, common toilets for customers, servants’ restrooms & toilets, etc. Also water and electricity supply will be at commercial rate, proper disposal of daily garbage has to be made. Proper parking space for customers’ vehicles has to be arranged. A residential premise, after changing its use into commercial premises, cannot be rented on leave-licence basis. It has to go on lease only.

As you point out, to redress this dispute without going to either the deputy registrar of cooperatives or to a court, appears impossible. Under these circumstances, we also don’t recommend that you go for arbitration.

Our recommendation is that you should approach the High Court for violation of fundamental rights of the members of the CHS, by its MC, under the articles stated above.

Have a legal question? Try  Moneylife Foundation’s Legal Resource Centre. Check out
http://lrc.moneylife.in and register at http://moneylife.in/lrc.html

User

Calculating Returns

How does one calculate the actual return on a mutual fund scheme, whether it is SIP/equity/debt or some other type of investment? Should tax and inflation be deducted to find the correct return?

MLF’s Reply:  One of the best ways to calculate the returns on your mutual fund portfolio is to use the automated service of Computer Age Management Services, the registrar and transfer agent for most mutual funds.

Given below are the links to the service: Consolidated Portfolio Statement: http://goo.gl/oWtMVk
Realised Gains Statement: http://goo.gl/nyXJsm
The returns, would be based on the NAV of the schemes; hence, these are not adjusted for tax or inflation. You could also check your consolidated account statement of all the registrars’ at http://goo.gl/yVlbC8

Post-tax returns?
If you are looking to compare returns over multiple products, such as bank fixed deposits (FDs), corporate FDs, etc, it would make sense to calculate the post-tax returns to get an idea of how tax-efficient your investments are.

Inflation-adjusted returns?
As inflation would be a constant factor, the rate may not be required to calculate real returns of your portfolio (adjusting for inflation), if you are just comparing returns on different assets. However, you may find it interesting to know whether or not your investments are beating inflation.

Have a Mutual Fund Query? Try  Moneylife Foundation’s Mutual Fund Helpline. Submit your query here: moneylife.in/mfhelpline.html

User

COMMENTS

pravsemilo

2 years ago

CAMS calculation on Consolidated Portfolio Statement is flawed. It is a days weighted average of returns and can sometimes show an XIRR of 100+% whereas the absolute profit would be 20 odd %.

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)