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shiva (Nam)     22 July 2009

PLEASE HELP NOW - Gift Deed or Release Deed revoke

Hello All,

I need the following information. Currently the property is in the name of myself and brother. My sister also had share and by executing Release Deed she had given her share to two of us 5yrs ago. Now we want to include her as legal share holder of the party. We have the following options.

1) Revoke the release deed executed earlier and include her name. Then I want to execute Gift Deed and give my share to brother and sister. In this option two steps we have to do first revoke release deed and then execute Gift deed.
2) I want to give my share to her. So is it good to execute Gift Deed now and give her share.

Can you please reply which option is good.

Thanks,
shiva



Learning

 10 Replies

A V Vishal (Advocate)     22 July 2009

The second option is better

mahesh more (Advocate)     22 July 2009

You should directly go for gift deed in favour of sister & brother, once you make of your property there names will be mutated in goverment revenue records as owners of the said property.

Regards,

Adv. Mahesh S. More

Vishrantwadi, Pune.

Saket Gandhi (advocate)     23 July 2009

Hi Shiva,

Just for knowledge sharing ... might be helpful to all...

I have noted in your point no.1 that the release deed be revoked which was executed 5 years earlier.... I think legally this is not correct... once the rights are released from the property it cannot be obtained back..... release would be same as a  Sale  Deed  in  favour  of  some person...... The Bombay Stamp Act has also taken the view and so stamp on release as same as stamp on Sale Deed...... Thus revocation of release is not proper as per conveyancing .. it can gifted if you are the owner of the property but subject to the prevailing acts like registration act, Stamp Act, etc.....

I Hope every one would agree on this....

Any suggestions.. please  reply.....

Regards....

M G KRISHNA (RETIREE)     26 July 2009

My father has written a willdistributing the small property amongst seven members.they want to give me some property (house) free.pl advise me the cheapest way of transfer.thaks.

Rashmi Desai (Advocate)     17 August 2009

Both Vishal and Mahesh are right. You can  execute gift deed of your share in the property ( which I presume will be 50%)  to your sister. But that will attract the same stamp duty as a Sale Deed.

Faranaaz Karbhari (ADVOCATE)     10 November 2009

need a precedent for a release deed urgently .Please help

km123456789 (Central Govt. Officer )     15 November 2009

Ref to Saket Gandhi's observation that cancellation of release deed will not restore her rights in the property.  Why not, if the cancellation is done with the consent of all the concerned parties.  When even a registered Sale deed can be cancelled with the full consent of all the concerned parties, and the rights restored to the original Vendor, why not in the case of release deed of a family member.

Any comments would be most welcome.

 

Lakshmi (HR)     19 November 2009

My father wants to divide the property & give then in the form of  gift ( land only)  to his 2  son's  i.e. me & My brother - Please suggest me the procedures?

1.) what will be the cost of Gift deed ?

2) how many days it will take ?

Kinldy reply ASAP to the below ID :  yeshu3@gmail.com

Ashok Yadav (Lawyer)     13 May 2010

I am agree with the view of Mr. Saket Gandhi, Release Deed or even Sale deed can not be cancelled only upon the wish of the parties. These can be cancelled only if they have exected with any fraud, coercion, mis representation of facts etc.

Merely on wish of the parties these documents can not be cancelled.

raj kumar ji (LAW STUDENT )     26 May 2010

i agree with ashok sir

the gift deed ,sale deed can not be cancellaed or can not be revoked


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