Release deed

PROJECT MANAGER

After death of parents, all brothers and sisters willingly registered the inherited immovable property in favour of my eldest brother living in town with his family with out taking any share. Now my brother also died suddenly and wife got remarried and settled in a new place. She is willing to release the property in village in my favour for a certain consideration. Can sister- in- law release property to me under release deed so that applicable stamp duty in Karnataka can be saved?  or any other deed that does not cost much possible ?? Request your valuable suggestion

PRAKASH, Bangalore

 
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DEPUTY CHIEF EXECUTIVE OFFICER

ANY TRANSACTION RELATING TO IMMOVEADLE PROPERTY REQUIRES REGISTRATION.TO REGISTER A DOCUMENT OF IMMOVEABLE PORPERTY REQUIRES PAYMENT OF STAMP DUTY.THERE IS NO ESCAPE.PL.CHECK WITH THE REGISTERING AUTHORITY ABOUT EXCAT STAMP DUTY PAYALBE IN YOUR AREA.

 

HERE THE TRANSFERER WILL BE REQUIRED TO PAY STAMP DUTY TO RELEASE THE PROPERTY.


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Advocate

Dear Prakash,

what about the legal heirs of your deceased brother...?

 
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PROJECT MANAGER

DECEASED BROTHER HAS TWO GROWN UP CHILDREN WORKING AS SOFTWARE ENGINEERS AND STAYING WITH MOTHER IN BANGALORE

 
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PROJECT MANAGER

UNDERSTAND NOMINAL CHARGE OF RS. 1000 IS APPLICABLE FOR REGISTARTION IN CASE OF RELEASE DEED. MY QUESTION IS WHEATHER SISTER IN LAW CAN ENTER INTO RELEASE DEED WITH ME UNDER EXISTING KARNATAKA STAMP DUTY ACT ? CAN YOU PLEASE ADVISE . IF NOT IS THERE ANY OTHER WAY TO AVOID PAYMNET OF STAMP DUTY AS APPLICABLE FOR A REGULAR SALE DEED ?

 

WITH TAHNKS

 

PRAKASH

 
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DEPUTY CHIEF EXECUTIVE OFFICER

NO. YOU CAN NOT EVADE/AVOID STAMP DUTY.UNLESS YOU PAY REQUISIT STAMP DUTY YOUR RELEASE DEED WILL NOT BE REGISTERED.IN THE EYES OF THE LAW THIS IS A TRANFER OF PROPERTY,IT IS IMMATERIAL WHETHER IT IS BY WAY OF SALE OR OTHERWISE.

 
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Advocate

Dear Prakash,

your sister - in -law cannot execute a release deed . A release deed can be executed only amongst family members( your brother's family - as the the property has been fully transferred on his name). You will have to go for a sale deed, with your sister-in law and nephews signing on the sale agreement and you may get the property mutated on your name. The consideration received by your sister-in law need to be mentioned and you will have to pay the requisite stamp duty charges applicable, else it may lead to problems for you in future.

 
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PROJECT MANAGER

THANK YOU VASANTH KULKARNI

I AM WILLING TO PAY STAMP DUTY. I AM ONLY EXPLORING POSSIBILITY OF PAYING LOWEST STAMPO DUTY UNDER EXISTING LAW

THANKS ONCE AGAIN

WITH REGARDFS

PRAKASH

 

 

 
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