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Release deed without consideration- what is stamp duty
19-Oct-2023 (In Property Law)
I want to release my share in my father's property. We are 3 brother and 2 of them died few year back. I want to release my share to one of the brother's wife/sons (their name added in property card in local municipal office). nnHere are 2 Questions:n1. Hope I can use release deed option in this case as they are still my blood relation. nn2. Now since this is without consideration, will there be any stamp duty. We will get this registered via sub-registrar office.
Well, releasing your share in the Property is a different thing and transferring it to Brother's Wife is a different thing. Post releasing your share in the Property, you have to transfer it by the way of Gift Deed for which you have to pay 1% Registration fees and Rs 200 Stamp Duty in Maharashtra.
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Adv. Pankaj Bajaj
Mumbai | 500+ Answers
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What is the purpose of the release deed?
The Release Deed
When you have paid all your bank dues, a deed will be executed to free your property of any previous charge. This is an important document if you are planning to sell your home. Only after you have executed a release deed, can you give the title of your property to an actual buyer.
What is the agreement for release deed?
The parties are released from their previous obligations such as mortgage payments because the loan is paid. A deed release gives the lender the right to the real estate until the terms of the mortgage have been met.
What is release deed for ancestral property?
A relinquishment is a document whereby a legal legatee releases or gives up his legal rights to a parental property. Relinquishment is the act of disposing of and giving up the rights, title and interest of one co-owner to another co-owner.
Can property be transferred in blood relation?
A legal document called a gift deed for blood relations is used to transfer property ownership from one family to another, without the exchange of money. This is a common way for parents to pass their assets on to their children, without having to worry about tax or legal implications.
Release deed for blood relations In order to sell the property, the party who has a claim must sign a release deed. They are sometimes used to transfer ownership of a property from one party to another.
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Adv. Chikirsha Mohanty
Delhi | 200+ AnswersCONTACT NOW
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