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Discussion > Civil Law > Procedure > Difference between release deed and gift deed   Unanswered Threads Post New Topic

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retired
[ Scorecard : 24]
Posted On 02 February 2013 at 11:38 Report Abuse

Hi,

My daughter and I have a joint rights on a flat. I would like to know what are the various options with its pros and cons to transfer my rights to my son in-law so that my daughter and Son in-law can be joint owners of the flat.

Please advise the difference between the gift and release deed as well

Thanks



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Yogesh V Nayyar


Corporate Lawyer
[ Scorecard : 1854]
Posted On 02 February 2013 at 18:08 Report Abuse

A gift deed is a deed in which the consideration is not monetary, but is made in return for love and affection. It is a document which transfers property to another as a gift. Such a deed is often used to present someone with a gift. Transfer of a gift deed can be reported as a gift for federal tax purposes.

A legal document that removes a previous claim or lien on an asset. A deed of release is usually issued once a mortgage or other type of debt, previously secured against the asset, has been paid in full. After the deed of release is written, the asset is owned free and clear by the owner, and any previous claims against the asset that the lender may have had are dissolved.

You can if so required execute Relinquishment Deed which can be executed between blood relations and there is no stamp duty required to be paid as per valuation of property.

Gift Deed on the contrary requires payment of stamp duty.



Total thanks : 1 times


manu


manager
[ Scorecard : 72]
Posted On 20 April 2013 at 15:11 Report Abuse

HEllo Mr Yougesh Nayyar , please advice

My grandmother has made a willl in favour of 3 grandsons, out of which i am one of them. the other 2 grandsons are willing to give me thier share. what is the procedure for relinquishment deed and its registry.

 

thanks




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