SAHAKARSUTRA

Victory for cooperative societies, as Supreme Court approves the principle of mutuality, for CHS income The Supreme Court has upheld the principle of mutuality, which states that a person cannot make profit from himself. We look at how this ruling will affect the levy of tax on receipts, such as non-occupancy charges, transfer fees, service charges, common amenity funds, etc The Supreme Court (SC) of India recently provided a big relief to cooperative societies (societies), by dismissing the claim of the income tax authorities on levy of tax on various receipts (for example, non-occupancy charges, transfer fees, service charges, common amenity funds, etc.) collected by such societies. The dispute of the tax authorities revolved around a notification dated 09.08.2001, issued under section 79A of the Maharashtra Cooperative Societies Act, 1960 and its applicability on such societies. Based on this notification, the tax department contended that since these societies have re

What are the main components that a sale deed must have and how should it be executed, to protect the interests of the home buyer? We explain For a home buyer, the much awaited sense of ownership of the dream home, follows the execution and registration of the sale deed. The sale deed, from the seller to the buyer, is the primary document evidencing ownership and vesting absolute title to the property. Hence, the buyer is advised to scrutinise the terms of the sale deed carefully, to ensure that his rights are protected and absolute title to the property is conveyed. Important aspects of a sale deed Section 54 of the Transfer of Property Act, 1882 (TP Act), defines a sale as a transfer of ownership of an immovable property for a consideration. To constitute a valid sale, the critical elements in a sale deed are: (a) The property, being the subject matter of the transaction / conveyance. (b) The seller, being the earlier owner, transferring the property. (c) The buye

The planning committee for Mumbai’s new development plan has recommended a review of the builder-driven  Slum Rehabilitation Authority  ( SRA ) scheme, which has created “miserable living” conditions for slum dwellers dumped in congested high rises. Earlier chief minister  Devendra Fadnavis  said, “We will review the development control rules of SRA.” He was responding to a TOI query about the recent report by a team of health experts who found a high incidence of TB among people living in three resettlement colonies in Govandi and Mankhurd. The government is expected to release the new approved plan for the city later this month. Last week, prominent citizens wrote to Fadnavis asking him to amend the rules so that better buildings are constructed to rehabilitate slum dwellers. Planning committee members said over the past 20 years, barely 10% of 12 lakh slum families, including project-affected persons (PAPs), have been rehabilitated in new homes. “At this pace, it will take another

As per Bye-Laws Share Certificates must be issued to every member of the society, for the shares that are subscribed by him, stating the particulars, as stated within a period of six months of the allotment of Shares. The share certificates must bear the seal of the society and be signed by the Chairman, secretary, and one committee member, who is duly authorized by the committee on the committee’s behalf. Duplicate Share Certificate Under Maharashtra Societies Act, 1960, Maharashtra Societies Act, 1961 or the Model bye-Laws, there is no provision regarding the issue of duplicate share certificate to a member, in place of an original share certificate that is lost/misplaced/mislaid or is not traceable etc. However, in such a scenario, the concerned member should make an application to the society for the issuance of Duplicate Share Certificate to him. After passing a resolution to that effect a duplicate share certificate may be issued to the concerned member of society. It is

Sahakarsutra Infoseries: Members of a CHS cannot stop paying maintenance for any reason ------------------------------ ---------- Government of Maharashtra Co-operation & Textile Department has issued Circular No. Co. Hsg. Scheme / Cir. No. 365/14 dated 2nd November, 2002 to all Registrar Offices for handling of complaints of members of the societies who are not paying their monthly charges to the society. The gist of the circular is as under: Co-operative Housing Society Members should not stop the payment monthly due under any reason / excuses. If any member has any differences of option over monthly charges with Managing Committee, it should be solve by giving application to the authority concerned.  The Registrar should take care to solve the query received from member within one month. If the authorities concerned say that the monthly charges are more, the excess amount should be returned to the member as per order of the concerned authority or it should be

Sahakarsutra Infoseries: Security of the society. ------------------------------ ---------- Vacation time is round the corner and many people go away for a couple of weeks locking their homes. Saket Parisar is extremely porous in nature and the buildings have multiple entry and exit points. I request you to take an active role in your housing society to ensure safety of family and friends. The Managing Committee should be complimented for fixing a self locking Biometric door closing system on buildings that are road touching. This is good use of technology and shall ensure that the entry and exit is restricted only to eligible members and at times of no use, the gates remain shut. Yet, eachh and every one of us should be alert; I write this blog with the sole perspective of security and safety and the required measures that your Managing Committee and members of Housing Society should take that involves your security. Building Compound Wall Every housing soc