will and settlement deed

Querist : Anonymous (Querist) 10 June 2011 This query is : Resolved
Can someone clarify on what is a settlement deed and a will and the difference between the two..Also can someone explain what is the amount of stamp duty payable on a will and settlement deed..Is registration of both the deeds compulsory..

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prabhakar singh (Expert) 10 June 2011
When any dispute arises between or among several parties as to a right,title or interest with respect to one or more properties,movable or immovable,and parties
decide it amicably by their own negotiation and arrive at a conclusion with no dispute left,this very act would be called "settlement"and if recorded in writing,then,paper on which it shall be recorded shall be called "settlement deed"
which may require payment of stamp duty subject to law of state where property situate,and even registration of"settlement deed"would be required if such property is immovable.
A "WILL" is testamentary document whereby an owner gives his own line of succession.
It must be in writing attested by 2witnesses and requires no payment of stamp duty,its'registration is optional but in up if it relates to agricultural land its;registration is now a must.

Ajay Bansal (Expert) 10 June 2011
Agreed with prabhakar.

Devajyoti Barman (Expert) 11 June 2011
Without giving the facts of the query, this sort of academic query should be discouraged more so when the author can get the answer by taking the pain of reading the book.

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