For Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs), it is often difficult to understand the diverse laws regulating their ownership of properties in West Bengal and Kolkata.
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Transfer of property in a co-operative housing society is guided by the Transfer of Property Act, 1882, the WBCS Act 2006 and the Registration Act 1908.
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To register a co-operative housing society in West Bengal, you need at least 8 members under the WBCS Act 2006.
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The law of trusts in West Bengal has developed in its own specialized way but it has definitely created a lot of advantages as a very convenient instrument for running religious and charitable organisations.
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Under West Bengal Co-operative Society Rules 2011 (WBCS Rules 2011), Rule 124, before the Housing Society gets registered, the members should hold a meeting where the Chief Promoter, Chairman, Vice-Chairman and Treasurer from amongst the promoters should be elected. This helps in deciding the members who may then set up the procedure for housing society allotment of flats in West Bengal.
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To convert doba/tank or water body land into residential or commercial or homestead land, one has to apply to the District Land Reform and Land Reform Officer (DLR/LRO) in the given format that is attached below.
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To understand Capital Gains from selling Co-operative Housing Society flat/plot in West Bengal it is important to understand the specific provisions of the Income Tax Act as provided under:
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Format of Agreement For Sale Of Flat By A Flat Purchaser Before Completion Of Flat in West Bengal and Kolkata.
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If disputes arise in a co-operative housing societies located at Kalyani, Krishnanagar, Nadia, Salt Lake, or any part of West Bengal then such disputes are to be referred to the Deputy Registrar or Assistant Registrar of Co-operative Societies in West Bengal.
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Hypothecation legally means providing something as collateral for any form of debt. However, although a collateral security is provided the debtor usually does not have to turn over physical custody of the collateral although the lender is “hypothetically” in control of the collateral.
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