Gift deed / settlement deed / release deed - difference

Querist : Anonymous (Querist) 21 December 2011 This query is : Resolved
Hello,

Can someone advise me as to what is the difference between GIFT DEED / SETTLEMENT DEED / RELEASE DEED please with regards to property.

I own a property along with my mum as co-owner and i want to transfer it to my name for 100% share so that i can rent out or sell it accordingly. This is not an inherited property.

I was told that GIFT DEED was an option but i wasn't clear with the STAMP DUTY advise i received. If it is a percentage of property value then it will cost me in lakhs and don't want to do that.

I was suggested alternates to be SETTLEMENT DEED, which would cost me around Rs. 14,000 (or) RELEASE DEED which would cost me 1% of MARKET VALUE of property.

Can someone please advise what is the different between these 3 deed types?
All i am looking for is something easier for me to proceed with renting out (or) selling my property and don't want to go for costlier options.

Appreciate your help a lot.

regards

Follow Query

Report Abuse

R.Ramachandran (Expert) 21 December 2011
Dear Sri Bala,

If both you and your mother are the owners of the property in question, then the easiest way to get it in your name 100% is that your mother should execute a REGISTERED RELIQUISHMENT DEED relinquishing her share in the property in your favour WITHOUT TAKING ANY CONSIDERATION. Without registration the relinquishment deed has no validity.

If she takes any consideration, then the same will become a sale transaction and stamp duty and registration charges are payable.

RELINQUISHMENT DEED will involve nominal stamp duty and nominal registration charges.

SETTLEMENT DEED will not suit your fact situation.

M/s. Y-not legal services (Expert) 21 December 2011
Apart from ramachandran sir's view my opiniog is just go with gift deed.. If you and your mother only absolute owner of the property mean she can gift over her share. There will no consideration or condition. Possession also will be transfered immediately.

Sankaranarayanan (Expert) 21 December 2011
Well said by both learned frd so follow any one what u feel

Shailesh Kumar Shah (Expert) 22 December 2011
since property in the joint name, relinquishment deed would be best.

prabhakar singh (Expert) 22 December 2011
The cost of gift deed may go up hence go for relinquishment deed.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries