Release / Relinquishment deed stamp duty amount.
31-Jul-2023 (In Property Law)
Hi, a flat belongs to my father, who passed away few years back. The flat still is on father's name. I and my mother both are legal heirs to the flat. Flat is in Pune, Maharashtra. I want to make a release deed to release my share to my mother. What would be the fees
required for the same ( how much % stamp duty and % registration of what amount ) ? And what would be the approximate time estimate for such procedure? Please also tell me How much stamp duty on relinquishment deed I have to pay? and
What is the stamp duty involved in the release deed and relinquishment deed for transferring property, particularly in cases of blood relations?
Thank you for your valuable inputs.
Hello,
In this case if the flat is transferred under you and your mother name where you want to make a release deed the stamp duty will be calculated on the ready recknor value and the % would be 6% that is 5% stamp duty and 1% metro cess.
Apart from that registration fees have a cap limit of rupees thirty thousand . The process is not time consuming once you approve the draft of release deed the same can be registered quickly.
In this case if the flat is transferred under you and your mother name where you want to make a release deed the stamp duty will be calculated on the ready recknor value and the % would be 6% that is 5% stamp duty and 1% metro cess.
Apart from that registration fees have a cap limit of rupees thirty thousand . The process is not time consuming once you approve the draft of release deed the same can be registered quickly.
Does relinquishment deed attract stamp duty?
Stamp duty for a relinquishment is 6% for men and 4% for women. Stamp duty should be paid to the Collector of Stamps/SDM. Registration fees for Relinquishment deeds are 1% of total deed amount plus Rs. Pasting fees of 100 rupees.
Is stamp duty exempt in blood relations?
The announcement stated that immovable properties such as land or house can now be transferred to the Owners Children, or even blood relatives by executing a transfer deed in Rs. Stamp paper of Rs. 500/- can be used to transfer immovable property such as land, house or flats. Even blood relatives may also benefit from this.
What is the blood relation release deed?
A relinquishment in blood relation is an official document that allows a family to give up their property rights in favor of another member. It can be parents, children or siblings or anyone who shares a blood relation with a property. 06-Oct-2023
What is the stamp duty on release deed in blood relation in Maharashtra?
Maharashtra. Stamp Duty: Rs 200 per residential property and agricultural land; 3% for blood relatives. Registration with local authorities is mandatory, along with the submission of valuation certificates and encumbrance certificate. Stamp duty: 5% for family members and non-family.
This is my response to you:
1. The release deed should be prepared meticulously;
2. The stamp duty and registration fees will be minimal;
3. You may also need letters of administration;
4. Consult a local lawyer and take steps.
1. The release deed should be prepared meticulously;
2. The stamp duty and registration fees will be minimal;
3. You may also need letters of administration;
4. Consult a local lawyer and take steps.
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In the given fact situation, in case the referred property is an ancestral property, Article 52 of Schedule 1 of the Stamp act as applicable to Maharashtra only requires payment of Rs. 200 as the stamp duty for a release deed between family members. However, in the case of a self-acquired property, the applicable stamp duty is 6% of the market value of the property along with a 1% metro cess as stipulated under Article 25(b). Also, a release deed executed between mother and daughter, may also be eligible for 1% rebate as per the Maharashtra Government’s policy dated 31.03.2021.
State laws govern the stamp duty for release deeds. The stamp duty is usually between 0.5% and 2% of total transaction value, depending on which state the property is in.
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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