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Release Deed and implementation of side agreement.
20-Jun-2023 (In Property Law)
A relased deed was made for love and affection ( by 2 of the 3 co owners) since the will was disputed. The same was registered and tax documents transferred ( patta and muncipal tax). A side agreement was made (and not signed) for a monetary consideration outside of the release deed. Part payment on the consideration was made and received. The balance has not been paid out ( about 1/3). What recourse do I have to recover the balance money.
If the release deed was executed by a registered deed then you can cancel the deed without assigning any reason for executing the cancellation deed.
The fault on your side is that to avoid paying stamp duty and income tax, you have taken a misguided decision to execute the release deed out of love and affection instead of mentioning the consideration amount.
The unregistered agreement for payment of consideration amount is not enforceable in law.
You may consult a local lawyer and proceed as suggested
The fault on your side is that to avoid paying stamp duty and income tax, you have taken a misguided decision to execute the release deed out of love and affection instead of mentioning the consideration amount.
The unregistered agreement for payment of consideration amount is not enforceable in law.
You may consult a local lawyer and proceed as suggested
Helpful?
Adv. T Kalaiselvan
Vellore | 400+ Answers
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