Cancellation of release deed
Arjun Jaganathan
(Querist) 10 January 2012
This query is : Resolved
My client has executed a release deed in favor of his sister. Now both the parties have agreed to partition the said property.
1. Is it possible to cancel the executed release deed. If so let me know the procedure.
2. If it is not possible can a gift deed be executed by the sister, ie., 50% of the property to be gifted again favoring the brother.
Devajyoti Barman
(Expert) 10 January 2012
1. It can not be cancelled, it needs to be transferred to her and then execute the partition deed.
2. Yes, that would be most appropriate method.
V R SHROFF
(Expert) 10 January 2012
Agreed with Shri Barman
Raj Kumar Makkad
(Expert) 11 January 2012
A Release deed has become final on the day of its execution so if 50% of the property is to be returned by sister in favour of her brother then she may further get release deed in his favour. Gift deed require heavy stamp duty whereas release deed doesn't require such duty.
R.Ramachandran
(Expert) 11 January 2012
Dear Mr. Makkad,
Release deed is possibly only when two or more persons are already having interests in the property and one is relinquishing his/her interest in favour of the other.
In this case, only the sister is having the complete interests in the property.
Therefore, if she has to give 50% of the same to her brother, only alternative is "Gift" even if it involves stamp duty, and not "Release".
Deepak Nair
(Expert) 11 January 2012
Yes. Rightly opined by Mr.Ramachandran
Deepak Nair
(Expert) 11 January 2012
@querist,
I too endorse the views of the experts that the second option of executing a gift deed
Sailesh Kumar Shah
(Expert) 11 January 2012
I am completely agree on views of Mr.Ramachandran.
