I want to cancel my name from property

Anand (Querist) 22 October 2009 This query is : Resolved
Hi

I have house which is on mother name and my name. I want to cancel my name from property so that my mother can take sole decision about property. which of below option is good and how much will be cost?

1) Gift deep
2) Release deed.
3) Settlement deed.
4) House transfer.

Your help will be highly appreciated. Can you give me name of any good lawyer in Mumbai who can do it.

Thanks

Anand

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A V Vishal (Expert) 22 October 2009
You can go for any of the options but a gift deed would cost less in terms of stamp duty and registration expenses compared to other forms, all are secure since the doc needs to be registered compulsarily in any of the mode you want to transfer

Anand (Querist) 22 October 2009
Hi

If I gift house to my mother then does my mother have to pay gift tax even if it is same blood.

Can you give me your contact number so I can take your help.

Thanks

Anand

Anand (Querist) 22 October 2009
Hi

Do I have pay stamp duty and registration even if it is same blood?

Thanks

Anand

A V Vishal (Expert) 22 October 2009
No Gift tax is not applicable, and further the stamp duty is minimal in case the gift of the immovable oproperty is to a close/blood relative.

Sachin Bhatia (Expert) 22 October 2009
No in gift your mother need not to pay gift tax. Stamp duty is minimal in the gift deed of the immovable property.

adv. rajeev ( rajoo ) (Expert) 22 October 2009
In my opinion it is better to execute the rights relinquish deed, it is also minimum stamp duty.
Execute the rights relinqusih deed and let your mother file vardi to enter her name to the property.

joyce (Expert) 22 October 2009
I agree with Mr Rajeevs answer Anand Relinquish deed is good since u r relinqushing ur right. Ok u can contact Mumbai advocate Here's is the Number, he bears 18yrs of exprnc.09821123183 Name is Advocate Birajdhar who resides in Anderi-west.

Raj Kumar Makkad (Expert) 22 October 2009
The opinion of Rajeev is perfect.

Anand (Querist) 23 October 2009
Hi

If I do release deed then it is valid?

Thanks

Anand

Anand (Querist) 23 October 2009
Hi

Is release deed and relinquish deed same?

Thanks

Anand

Adv Archana Deshmukh (Expert) 23 October 2009
Yes. Release deed and Relinquish deed is one and the same thing.

Anand (Querist) 23 October 2009
Hi Atchana

Thanks a lot for all your advice. It really helped me lot.

Thanks

Anand

Anand (Querist) 23 October 2009
Hi Everyone

Thanks a lot for all your advice. It really helped me lot.

Thanks

Anand

Anand (Querist) 23 October 2009
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G. ARAVINTHAN (Expert) 24 October 2009
If you are transferring your half share in her name, then well to do with release deed .. that costs less.

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