Hi Experts, I need your valuable advice in the following scenario.
There are 3 sisters say A, B and C with "A" being the Eldest and "C" being the youngest. Their mother had an independent house in her name and passed away last year. The mother had made a WILL according to which the 3 sisters will have an equal share of 1/3rd Undivided share in the property.
Now the middle Sister "B" wants to gift her full share in the property (which is 1/3rd UDS of the property) to the youngest sister "C" by releasing her rights in favour of the youngest sister.
1. Now since the sister "B" wants to gift her share to "C" for FREE WITHOUT any consideration of money, will she have to do the same through a RELEASE DEED or through a GIFT DEED? What is the difference between the 2 i.e RELEASE DEED and GIFT DEED in this particular scenario?
2. Also what will be the Stamp duty and Registration charges as per the revised government rates in TAMIL NADU to be paid by the Sister "C" who is going to get the gift in this scenario?
3. And after receving the gift, will the sister C have to pay any tax for the gift received from her sister B?