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process for smooth transfer without stamp duty


20-Sep-2023 (In Property Law)
My brother and myself are legal heirs to my mothers built up house. She expired without a will. The property is in her name. i wish to give my brother his consideration and He is willing to transfer his share against consideration and execute all documents. I wish for him to retain right to take it back from me upon paying back the consideration with interest. i want to do conveyance and registration of property . What are the steps to minimise stamp duty.
Answers (4)

Answer #1
405 votes

You can execute a release deed/relinquishment deed by which you will transfer all your rights in the property in favour of your brother, without any consideration. It is different from a sale deed, since this procedure does not involve any consideration.
 

For more information on transfer of property, click here or contact me.

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Answer #2
771 votes
parties can go for execution of memorandum of understanding between themselves which can also be registered.

mention the terms of transfer of property within the MoU.

No stamp duty is payable on execution of MoU.
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Answer #3
581 votes
In your case, you can transfer the property by way of relinquishment deed on which 100 rs stamp duty is payable however no consideration will be shown. The consideration which you are giving can be shown as gift/loan.
Then in case, again it is be transferred back to him then gift deed will be done and stamp dity upon circle rate @ 8 % will have to be paid.
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Answer #4
522 votes
You can get the GPA with consideration in your favour if your intention is to return the property back to your brother in future.

Other options without consideration is Gift deed and relinquishment deed.

Gift deed has 4 to 8 percent stamp duty on circle rates

Whereas for relinquishment deed you only need to pay registration charges

Plz b in touch
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