properties, laws & taxes
Tarun Ghia
Can a minor become a member of a co-op housing society?
A minor or a person of unsound mind can become a member of a co-op society through a guardian. A minor or a person of unsound mind who is admitted as a member of a society is entitled to exercise all the rights of a member through the guardian. The society can transfer the shares to minor/ legal heir, if the nominee/ legal heir is a minor. In such cases, application for membership of the society has to be submitted by the guardian.
Can the flat inherited by a minor be transferred during his minority?
The guardian of a minor can transfer the flat only after obtaining specific permission from the Competent Court under the provisions of Hindu Minority and Guardianship Act, 1956.
Is the owner of a shop, garage or godown entitled to become a full-fledged member of a co-op housing society?
The definition of the term "Flat" includes a garage under the MOFA 1963. Further, the owner of a shop, garage or godown is entitled to become a full-fledged member of a co-op housing society. Under the model bye-laws for the purposes of interpretation, a flat also means a shop, a garage and a godown.
When can a refund of stamp duty be claimed? What is the time limit for claiming refund?
Refund should be claimed within 6 months from the date of purchase of stamp or date of stamping as the case may be. Refund is granted on spoiled paper, blank document or document executed but afterwards found to be unfit due to some mistake. Application should be made to Collector of Stamps, Mumbai.
When was the market value concept introduced in stamp duty law? What is the effective date when agreement for sale became liable to stamp duty?
Prior to July 4, 1980, only the documents of conveyance were liable to stamp duty on the basis of consideration amount as recorded in the document. With effect July 4, 1980, the documents of conveyance were made liable to stamp duty on the basis of market value of the property purported to be transferred by such documents in view of amendment made to Section 32A of the Bombay Stamp Act, 1958. With effect from December 10, 1985, even the agreement for sale were made liable to stamp duty.
It should be clarified that between July 4, 1980 and December 9, 1985, it was not that the property purchasers were not liable to stamp duty. During this period, as the stamp duty was levied on conveyance and not on agreement for sale, the stamp duty was postponed till the date of conveyance. However, in many cases, the conveyance never used to take place with the result that the government was losing revenue in such cases. Therefore, w.e.f December 10, 1985, the agreement for sale has been made liable to stamp duty.

Tag: STAMP, STAMP DUTY, DUTY, SOCIETY, LIABLE STAMP DUTY, LIABLE STAMP, A MINOR, LIABLE, MINOR, MEMBER, MEMBER A, CONVEYANCE, MADE, GARAGE, GUARDIAN, AGREEMENT, DATE, REFUND, SALE,