what are the charges for gift deed or release deed??
ekta
(Querist) 07 March 2011
This query is : Resolved
Hi,
I have bought a flat three years back on home loan. Loan is taken in my name only. Flat is in the name of me & my mother. We want to do a release deed/ gift deed wherein my mother will release her 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 mother’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 1/2rd of the total stamp duty, as right now we are two 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.
Naresh
Basavaraj
(Expert) 07 March 2011
simply get the transfer all documents from your mother name to your name...
A V Vishal
(Expert) 07 March 2011
1. What is the better thing between release and gift deed if we want to remove my mother’s name from the property?
Ans. Release is a specie of transfer of property a Release in fact may amount to a conveyance or a gift or an exchange. If a person releases his vested right or interest in a property for consideration, it is nothing but a conveyance or sale. If he releases his vested interest without consideration but only for natural love and affection it will amount to a gift. There is no much difference in the terminolgy used however the contents of the deed will be crucial to decide the nature of transfer and the stamp duty payable.
2. What is the procedure to execute this deed?
Ans. It depends on the mode of transfer. For relevant deed it is advisable to approach a local document writer.
3. Is it necessary to pay the stamp duty for the deed? If yes, then how much? Is it 1/2rd of the total stamp duty, as right now we are two owners of the flat?
Ans. Yes you have to pay 1/2 of the total stamp duty on the mode of transfer you want to go with.
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?
Ans. Stamp duty is nominal in case of transfer between blood relations.
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.
Ans. That is in Karnataka not in Maharastra, the Bombay stamp act is to be followed since the property is in Maharastra.
