Krishna Jadhav 28 June 2020

Release deed of joitly owned property

A land of size 18R is purchased jointly by three friends dnyanoba, balaji and shivaji in Latur district of maharashtra. After 4 years dnyanoba and balaji want to give up his share in favor of shivaji for amount of 2 lacks each.

What kind of deed shoud be executed so that stamp duty can be saved?

Is release/relinquishment deed legal in above case of self acquired property?

Find part of attached 7/12.

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Three friends jointly purchased land in Latur, Maharashtra. Two friends wish to transfer their shares to the third friend for a sum of money. The discussion explores the legality and stamp duty implications of using a release or relinquishment deed in this scenario, especially since they are not blood relatives. Advice suggests a Gift Deed or Sale Deed as legally tenable options, with Gift Deeds potentially attracting lower stamp duty.

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Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108) 28 June 2020

Originally posted by : Krishna Jadhav
	A land of size 18R is purchased jointly by three friends dnyanoba, balaji and shivaji in Latur district of maharashtra. After 4 years dnyanoba and balaji want to give up his share in favor of shivaji for amount of 2 lacks each. What kind of deed shoud be executed so that stamp duty can be saved? Is release/relinquishment deed legal in above case of self acquired property?

1. Friends can execute a duly Stamp Duty paid & Registered Gift or Sale Deed in favor of other owners. Other types of deeds are legally not tenable for such purposes, since they are not blood relations or family members.

Keep Smiling .... Hemant Agarwal
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