The sole owner of the flat in Mumbai died intested leaving 4 class-1 heirs - wife, son1, son2, daughter.
Now the flat is on nominee's name that is the wife of son1.
Wife of deceased wants to give her share to the grand son. What is more preferable, gift deed or release deed. In gift deed there is a stamp duty of 2% due to blood relation and release deed is Rs200(which ever selected will be registered). Which deed is stronger and cannot be challenged or cancelled, as there may be a dispute if the remaining class-1 heirs come to know asking for more share.
Deed is going to be registered, which one holds a stronger value and cant be challenged? Is release deed also applicable here as the donee is not a co-owner or class-1 heir in the property. I am confused as I read it somewhere that rights in a property can be only released to the co-owner and not anyone else.. pls advice..
The donor has 25% share in the property as it will be divided by 4.
I want to know should the donor opt for release deed since it is a cheaper option or opt for gift deed as it may be more stronger since a stamp duty of 2% will be paid? (does release deed have equal strength as a gift deed?)
Please help in opting one