Requirements for release v/s gift deed

You can get answers to all questions together when you consult a local lawyer and clarify them.

Thank you for your reply. I am aware that I will get the answers once I consult a lawyer. But as this is a legal forum, I would appreciate if I get the answer in detail and not in a one-liner.

This is a practical question i.e., involving practical issues.  It is not known what is the type of property, who owns it, who has the title to it, how many legal heirs are there, whether there is any litigation pending on the property, hence it involves lot of issues based on the prevailing circumstances, hence the local advocate would be the proper person to name all the requirements perfectly, instead of getting misguiding information from forums like these, where people would opine based on the information furnished in the query alone