Criminal Trident Pack: IPC, CrPC and IEA by Sr. Adv. G.S Shukla and Adv. Raghav Arora
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jigar (Asso. Director)     19 June 2014

Release deed or gift deed

Hi,

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

jigar



Learning

 6 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     19 June 2014

Gift deed only is possible and get registered. 

laxmi kant joshi (instructor)     19 June 2014

if you had obtained the legal heir certificate and now you had mutually decided your share and now your mother wants to give her share to her elder son then as per my openion she have to relenquish her share in his favour by making registered release deed .

laxmi kant joshi (instructor)     19 June 2014

if you had obtained the legal heir certificate and now you had mutually decided your share and now your mother wants to give her share to her grand son then as per my openion she have to relenquish her share in his favour by making registered release deed .

Adv Archana Deshmukh (Practicing Advocate)     19 June 2014

If the wife of the deceased wants to give her share to her grandson then, gift deed should be executed and not release deed. Because the gift deed will transfer her share to the grandson and release deed will give nothing to the grandson but will only increase the shares of the other heirs.

jigar (Asso. Director)     20 June 2014

I just wanted to confirm, in case of gift deed from grand parent to grand child in Mumbai the stamp duty payable would be 2% or 5%. I am a little confused as some lawyers I had spoken to were also not having a clear idea and gave different opinions.

S R SHETTY (MANAGER - LEGAL)     25 October 2014

In Mumbai Stamp Duty on Gift Deed is 2% and on Sale Deed it is 5%


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