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Mehul (Self Employed)     03 July 2013

3 agreements for a flat to be released

I stay in Kandivali, Mumbai. Due to some unknown reason (to me), my flat has 3 agreements in the name of my grandfather (1000 sq ft) and 2 uncles (200 sq ft each). 

My uncles want to transfer the 200 sq ft each to my grandfather's name.

What is the best option to go ahead with? A release deed or a gift deed or anything else?

Also is it possible to combine the 3 agreements into 1 so that there are no issues when my grandfather decides to sell this?

What is the stamp duty / registration fee I will need to pay?


 2 Replies

Mehul (Self Employed)     03 July 2013

Also to add my uncles are not interested in receiving any monetary benefits in lieu of this transfer.

Hemang (Advocate)     03 July 2013

"Release deed" is a document, where some person having some share "release" or "exstiguishes" his right in favour of somebody. If you say that it is released without any consideration than it would amount to gift. The revenue department will not leave any document without interpretation. Pay the stamp duty by calculating the portion of the property sought to be released. However, go before the Registrar of assurance and fill up the prescribed form and get the stamp duty ascertained. 

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