Trasfer of Share in flat

Querist : Anonymous (Querist) 01 July 2011 This query is : Resolved
if one wants to transfer his/her share in a flat owned jointly with mother, to his/her brother or sister, which document has to be executed i.e. Release Deed or Gift Deed?

What is the procedure for the same?
Which is the reasonable document to execute as far as stamp duty is concern?

thnx in advance..

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adv. rajeev ( rajoo ) (Expert) 01 July 2011
Release Deed is OK.

Ravikant Soni (Expert) 01 July 2011
Both joint owner can gift to such brother of sister.

R.Ramachandran (Expert) 02 July 2011
You have to come out with more clearer facts. You have to say who are the current owners of the property. You also have to say whether the persons to whom you want to give the share, are already joint owners in the property?
Only after knowing this an appropriate can be given to your query.

Querist : Anonymous (Querist) 02 July 2011
Mr. R. Ramachandran,
the Flat is in the names of mother and sister. now the sister is willing to transfer her share to her younger brother. actually the Flat was purchased out of family income and was kept in the names of mother and sister.
so what will be the cheapest way to transfer such share, Release or Gift Deed, in mumbai?

Thanx for replying..

R.Ramachandran (Expert) 02 July 2011
Dear Anonymous,
The transfer of your sister's share in the property can be done only in the following ways:
(1) Gift
(2) Sale
(3) Will

It cannot be done by means of "Release Deed". Release Deed is possible only between the parties who are already having share in the property i.e. who is already owning a share in the property. In the instant case the property is only in the name of your mother and sister and not in your name. Therefore, the property cannot be transferred either by your mother or your sister, in your name by means of a "Release Deed". It can be done only in any one of the above three ways.