A property consisting of a flat each on 3 floors is jointly owned by 3 brother/ sisters in south delhi. Now by way of a family settlement they have agreed to separately own a flat each , rather than have joint ownership of 3 flats. They want to register the deed . Kindly advise where the deed is to be registered and what will be the registration charges and stamp duty, if applicable.
Is stamp duty at regular rates on transfer of property applicable in case of division of property by a family settlement or is it not payable? please advise.
Is it better if 2 of the siblings relinquish their rights respectively on a flat each in favour of the third sibling and execute 3 documents separately to achieve same result -- will stamp duty be different as relinqueshment may not amount to transfer of property? Is it so?
