Family settlement or release deed is better
Mustafa Savai
(Querist) 09 October 2024
This query is : Resolved
Can 4 brothers in which 1 brother will let go his share in the house property {standing in the name of Mother(expired)}. Later 2 brothers will pay the 3rd brother his share and get the property transferred on their name.
So should a release deed be made or a family settlement deed will be helpful.
Isaac Gabriel
(Expert) 09 October 2024
Settlement shal be the best option.
T. Kalaiselvan, Advocate
(Expert) 09 October 2024
The brothers who are willing to transfer their rightful share in the property to the other brothers, can release their shares in the property by executing a registered release deed relinquishing their rights in the property.
kavksatyanarayana
(Expert) 09 October 2024
Is your father alive? Have you only brothers or are there sisters? Under stamp law and registration law if any legal heir relinquishes his/her rights over the property in favour of all other legal heirs but not only one or two heirs. Then also it will be registered but the stamp duty shall be leviable as a Sale deed.
Dr. J C Vashista
(Expert) 13 October 2024
1. There is no stamp duty for Relinquishment Deed in Delhi, accordingly it is economical and convinient in Delhi and other State(s) where it is "Zero" stamp duty/
2. However, Family Settlement is always a "Best" option as it is amicably settled and no objection / challenge, do not attract any stamp duty and registration is optional besides the fact it most convienient and economical.
P. Venu
(Expert) 18 October 2024
Yes, settlement deed is the best option and the same needs to be registered.
