Gifting is done during a person’s lifetime, heirship kicks in only after owner’s death2 min read 25 Feb 2020, 01:09 PM IST
If there is no Will, the estate is distributed among the legal heirs according to the laws of succession
I would like to know, as per the Maharashtra Cooperative Society Act, what is the process of transferring shares from the nominee to legal heir if the owner dies intestate? I belong to the Navi Mumbai area and there is a City and Industrial Development Corporation (CIDCO) transfer process every time there is a change in ownership of flat. So if my mother’s property is passed on to me in future from the name of the legal nominee, then will the heirship be equivalent to a gift deed? Kindly clarify as the fees are different for regular sale transfers and for gift deed and I am unaware of the registration of legal heirs.