Stamp Duty & Registration

JR (Querist) 06 May 2010 This query is : Open
My husband is executing a Release Deed in favour of my minor son, of one half share he holds in the flat jointly bought by us.

Could you please tell me the stamp duty / registration that needs to be paid for this transaction. My lawyer says that if it was a Gift Deed, the stamp duty/registration, would be nominal, however, Release Deed would attract at least half of the stamp duty/registration as payable in normal sale of property transactions. However, my husband says a recent ruling has made the stamp duty/registration payable on Release DEED within family a nominal amount..within Rs. 500/-

Kindly clarify, urgently.

Thanks
JR

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