undevided share transfer to selected co heir release or sale
r.pratap
(Querist) 14 August 2015
This query is : Resolved
Sir
I have a query
we have inherited land inour joint "khata"ie undevided name of 2 brother 2 sisters and wido mother in records .now I want to release my share in favour of my one sister only and my mother want to release in favour of my one brother only .whether consent of all is necessary or any body can do as per choicefor releasing .if release is posiible by choice then no need of sale or gift in family land and we can avoid stamp implications, or release means renounce only without choice. And such type of document like release is not mentioned in transfer of property act.still how title is transferred by release.
thanks.
kavksatyanarayana
(Expert) 14 August 2015
as the property is undivided, it is better to execute a partition deed for which stamp duty is less (as within the family members):
A-mother share=0, B-one brother share=0, C-another brother share=2/5th, D-one sister share=2/5th and E-another sister share=1/5th. consult a good lawyer to prepare the document
Kumar Doab
(Expert) 14 August 2015
Registered partition or family settlement deed may be explored to suit your needs.
Registration charges are state subject.
Inquire on your own.
r.pratap
(Querist) 15 August 2015
Sir
Thanks.But my further clarifacation is requested that whether release deed is unsuitable for undevided share for this type of choiced surrender of rights ,which is possible with very lesser stamp say rs 100 or so.+registration exp.
thanks.
Rajendra K Goyal
(Expert) 15 August 2015
It may not suit your need fully. Registered Family settlement deed is recommended in the given circumstances.
