Release Deed & Rate of Stamp Duty

si,

settlement deed is peferable may be 1 or 2%stamppd uty will be imposed on market value

The person is not an absolute owner to execute any sale or settlement. He or she cannot deal with the property independently.  A life interest or a life estate is only an interest in an immovable property. It is created for the lifetime of the person or persons concerned. The ultimate interest is always in favour of “Remainder-man”. The life interest or the life estate ends on the death of the person in whose favour it is created.

A life interest can be extinguished or released or relinquished in favour of the ultimate beneficiary by executing a registered deed. 

The grandson is having remainig rights over the property. Therefore the person can execute RELEASE deed, releasing your "life interest" to favour of grandson to make him absolute owner.

(Stamp duty for settlement and Release is the same at 1% in Tamilnadu)

Sir,

Thank you very much for your kind response, in the meantime of your busy schedule.

But in our Area (Tirunelveli), a Document Writer said " Comparing with Settlement, Release is much costlier and the Release deed needs atleast  8% of Stamp-duty  of the Property Value".

Sir, I need your Guidance.

Thanking you.

Sir ( Mr.Ramesh),

I like to add one more information.

An Adovocate said...

      " Release Deed in only possible between Coowners.

         Life Interest holder shall not release his interest to Vested Reminders through Release-Deed. 

And he said ...

      " Release is much costlier and you prefer Settlement.  Relinquishment-Deed also needs 8% of

       Stamp-duty like Release-Deed."

I am in Tirunelveli

I expect your Guidance