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.
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.....
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.
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.