I have bought a flat three years back. Flat is in name of me, my mother and my brother. We want to do a release deed/ gift deed wherein my brother will release his rights over the flat(property). There are certain queries from my side about the release/gift deed.
1. What is the better thing between release and gift deed if we want to remove my brother's name from the property?
2. What is the procedure to execute this deed?
3. Is it necessary to pay the stamp duty for the deed? If yes, then how much? Is it 1/3rd of the total stamp duty, as right now we three are the owners of the flat?
4. Is there is any rule/act for release deed where for family members(deed between family members) there is any exumption on the stamp duty?
5. I read one document of Karnataka Stamp duty department in which it has been said that, if release deed is between family members, then stamp duty will be only 1000Rs. Is it true? If it is true then, is it the same for Maharashtra? https://karigr.org/actsrules/stampacts/scheduleksa57.htm See Art 44.
In advance thanks for your time.