Transfer of property from proprietorship to individual
30-Oct-2023 (In Property Law)
A developer [ A sole proprietorship company] redeveloped a building and as a part of his compensation retained the rights to a flat in the redeveloped building.
He then , on his books internally, transferred this flat to his individual name as he was the sole proprietor .
Hence does the 'individual' become the owner of the flat?
Subsequently he gifted 50% of this flat to his wife by a registered Gift Deed, paying the necessary stamp duty.
Can the society now issue the share certificate for this flat to him and his wife?
Are him and his wife the legal owners of the flat?
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This is my response to you:
1. Yes they can occupy the flat;
2. Since they were the builders themselves;
3. But such a clause should be mentioned in the redevelopment agreement;
4. Consult a local lawyer and take steps.
1. Yes they can occupy the flat;
2. Since they were the builders themselves;
3. But such a clause should be mentioned in the redevelopment agreement;
4. Consult a local lawyer and take steps.
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