In the context of your resale flat in a redevelopment project, the requirement for share transfer fees depends on various factors, including the location and specific legal provisions. Let’s explore this further:
Tamil Nadu (TN) and Cooperative Societies Act:
In Tamil Nadu, the Cooperative Societies Act governs such matters. According to Section 79 of the Act, the society can collect transfer charges at
2.5% of the difference between the book value of the flat and the price realized by the transferor on the transfer of the flat, or a maximum of
Rs 25,000, whichever is lesser.
Since your seller was not a member of the old society and the flat was purchased before forming the new society, the situation is unique. However, the legal provisions still apply.
The demand for
Rs 25,000 as share transfer feesby the society aligns with the maximum permissible limit under the law.
Other States and Specific Circumstances:
In other states, the rules may differ. It’s essential to consult with a local legal expert to understand the specific requirements for share transfer fees in your area.
Additionally, consider checking if there are any specific provisions related to redevelopment projects or unique circumstances that apply to your situation.
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Do I need to pay share transfer fees for the resale flat purchased before forming the new society in the redevelopment project? The seller was not a member of the old society (32 members) he bought the flat from the builder and sold it to me before OC. Society still has 32 members. Society demanding 25K as share transfer fees, which I feel is illegal and want advice.
anand22679
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2024-02-28T14:08:42+00:00 2024-02-28T14:12:26+00:00Comment
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