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Release deed or partition deed for Inheritance purposes
29-Oct-2023 (In Property Law)
My father a Hindu died in Malaysia leaving Will which was probated in Malaysian Courts more than 20 years ago, His legal heirs are , a second wife ,myself 1st wife's son ,my sister - total 3 legal heirs. There are assets ( Bank deposits, properties in chennai and regional town in tamil nadu. I am under the impression going through courts to re seal the Grant of probate obtained in another country will take long time to resolve.. Therefore I am choosing the compromise way as the other legal heirs are happy to forgo their share in the properties and cooperate with me for a monetary payment which was fixed through mediation. Can you advise me for property registration,which Deed is better in Tamil Nadu regarding of Stamp duty & Registration fees and whether is it necessary for the Legal Heirs to attend in person in the registrar's Offices in all kinds of Deeds ? 1) Release Deed or 2) Gift Deed or 3) Partition Deed Arrangements. Thanking You All Legal Experts
Well, when you settled the issue with regard to the property of your father, you can very well go for either executing Release Deed or a Gift Deed. The stamp duty of the gift deed is depending upon its market value of the property, ie, 1% . Definitely the value of the property must be in high, so ideal is go for a Release Deed. Of course legal heirs must present before the RO while executing the Deed. Regarding Bank Deposit you have to obtain Succession Certificate from the Court. Probate of Will is not necessary, but it depends upon the attitude of the Legal Heirs. You can opt Partition Deed arrangement as a last resort. It is not advisable. Pl contact me if you need further clarification. Thanks
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Adv. Manoj Raghuram
Madurai | 100+ Answers
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