Release deed / Gift Deed procedure & stamp duty?


Hi

I have bought a flat three years back. Flat is in name of me, my mother and my brother. We want to do a release deed/ gift deed wherein my brother will release his rights over the flat(property). There are certain queries from my side about the release/gift deed.

1. What is the better thing between release and gift deed if we want to remove my brother's name from the property?

2. What is the procedure to execute this deed?

3. Is it necessary to pay the stamp duty for the deed? If yes, then how much? Is it 1/3rd of the total stamp duty, as right now we three are the owners of the flat?

4. Is there is any rule/act for release deed where for family members(deed between family members)  there is any exumption on the stamp duty?

5. I read one document of Karnataka Stamp duty department in which it has been said that, if release deed is between family members, then stamp duty will be only 1000Rs. Is it true? If it is true then, is it the same for Maharashtra? http://karigr.org/actsrules/stampacts/scheduleksa57.htm See Art 44.

 

In advance thanks for your time.

Anant

 
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Can a Declaration to release right title interest in property be construed as a Release Deed?

 
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LAW STUDENT

ya u shoud go for a gift deed in favour of u ?

ur mother & brother gave this property through gift deed .in gift deed u pay stamp duty bof the property ?

i dont no what is the ratio of stamp duty in ur state maharashtra .bcz stamp duty is diffrent in diffrent states .

 
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Advocate

Dear Ananth,

The flat is in your joint names and in your joint ownership.  Hence you have to seek Release all their rights and interest in the property from your mother and brother in your favour through Release Deed, so that you will become sole and absolute owner of the property. If the Release deed is executed among the family members, if it is Gratuitous, stamp duty and registration cost will be nominal in Karnataka, if your brother releases his right and interest in the property for a consideration, then you have to bear a stamp duty of around 2% for his share. If the property in joint names and joint ownership you cannot go for Gift Deed. 

Best of Luck, 


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Property Law Consultant

By way of both -release and gift - the flat may be transferred to your names. The release deed may attract more stamp duty than gift deed in maharashtra. because under release the stamp duty is as that payable under conveyance except when the property is ancestral one. In case of gift the duty will be 2% flat while under release it will be 5 %, of course you will be entitled to benefit available for flats under co-operative societys. only on 1/3rd  of the market value the duty has to be calculated.

 
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Hi Anant .. i have a similar query as you. Did u go for a release deed? how much u paid as SD/reg fee?

 
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We had a shop on ownership basis in regd. co-op soc. purchased by my father in 1969 he had nominated my mother as nominee. he passed away on 6.10.2001 leaving my mothe and seven childrens (4sons namely A, B,C & D and 3doughters P,Q & R )

Society has transfer the sahre certificatre and ownership in our mothers name by taking a common indeminity from all of us. i.e. all brothers and sisters. Now mother has nominated 'B' and 'D' as nominee 50:50 shares in the said property

Now 'B' (1st nominee) want to give his shares in property to 'C'

Now question arise:

how the transfer will effect in the society? and how 'C' and 'D' will become the absolute owner of this property

we all are Mariied and having major and Minor childrens too.

1. CAn we ignore the nomination form given in society and submit duly tgistered release deed /gift deed from remaining all brothers and sisters

2. what about the stampduty and registration fees ( is it a case of ancestral property?)

3. At present all brothers and sisters are agreed to give their rights and title etc. and want to make 'C' and 'D' as absolute owner of this property.

Pleae advice us how we can take effect the following  transfer and what will be the stamp duty

propery location village andheri taluka andheri area 175sq ft and yr of construction is 1963-66

 

Please advise on urgent basis

 
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I want to release my 50% share in my flat to my wife through a release deed. how much will be the stamp duty?the rest of the flat is on the name of my 2 sons. 

 
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Dear Sir

Dear Sir

There are three co-owners who are real brother (1) and sisters (2)  in this ancestral property in Mumbai.

The brother and sister want to release their share in the property to the third sister who is a widow and has no other property.

The widow sister in turns wants to show her affection and gratitude to her kins for releasing their share by giving them some money.


We will make release deed without consideration which will be registered.
Is this OK ? 
We have full faith in each other so we are not worried about recording transaction. Afterall this is out of affection because they are releasing their share and not really a sale. Maybe we can only make memorandum of the oral agreement after the release deed is registered or do we need to make family aggreement ? 


Please advise 

 
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Hello Sir,

My name is Sujit, I am from Karnataka.

5 Years back, me and My brother bought a property.

- Property is in the name of BOTH

- I am paying the full EMI and I am claiming the tax benefit.

- All the Original docs are with the bank.

Now my brother wants me to be the single owner of the property.

What me and my brother have to do.?

Please advise.

Thanks,

Sujit

 

 
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