Release deed
Chinnappan
(Querist) 28 April 2013
This query is : Resolved
Myself and my daughter have purchased a flat in our joint names. Now my daughter wants to transfer her share to me fully. Is that possible execute a release deed, if so what is the procedure? should it be registered? what is the stamp duty payable in TN
M.Sheik Mohammed Ali
(Expert) 28 April 2013
yes, she can do like that. the release deed amount may be 10,000/- and it should be registered.
Advocate M.Bhadra
(Expert) 28 April 2013
Your daughter can transfer her half share by execution a registered Deed of Gift or Deed of Release.
Stamp Duty and Registration fee
Categories of Documents: Gift
Stamp Duty : 7% of the market value of the property
Registration Fee : Nil
You can also can get by surfing from;www.tnreginet.net
Raj Kumar Makkad
(Expert) 28 April 2013
The stamp duty is different from State to State.
In the given case, release deed cannot be got registered as the same si snot an ancestral property. Gift deed is the only option. The rate of stamp duty in case of gift in Haryana is 5% in case of woman and 6% in case of man and registration charges is above the stamp duty.
Advocate Ravinder
(Expert) 29 April 2013
I agree with Raj Kumar Makkad sir. Gift is the only option. In Andhra Pradesh the stamp duty is 1% of the market value. It differs from state to state.
Advocate M.Bhadra
(Expert) 29 April 2013
This information are taken from Registration Department,Tamilnadu from websit:www.tnreginet.net
Stamp Duty and Registration fee
Categories of Documentt
Stamp Duty
Regn Fee
1 Conveyance (Sale)
7% on the market value of the property
1% of the property.
2 Gift
3 Exchange
7% on the market value of the greater value.
4 Simple Mortgage
1% (on the loan amount) subject to a maximum of Rs40,000/-
1% on loan amount subject to a maximum of Rs.10,000/-
5 Mortgage with possession
4% on loan amount
1% subject to the maximum of Rs.2,00,000/-
6 Agreement to Sale
Rs.20
1% on the money advanced(1% on total consideration if possession is given)
7 Cancellation
Rs.50
Rs.50
8 Partition
i) Partition among family members
1% on the market value of the property but not exceeding Rs.10000/- for each share
1% subject to a maximum of Rs.2000/- for each share.
ii) Partition among Non family members
4% on the market value of the property for separated shares
1% on the market value of the property for separated shares
9 Power of Attorney
i) General Power of Attorney to SELL the immovable property
Rs. 100
Rs.10,000
ii) General Power of Attorney to SELL the movable property & for other purposes
Rs. 100
Rs.50
iii) General Power of Attorney given for consideration
4% on Consideration
1% on Consideration
10 Settlement
i)In favour of family members
1% On the market value of the property but not exceeding Rs.10000/-
1% on the market value of the property subject to a maximum of Rs.2000/-
ii) Other Cases
8% on the market value of the property
1% on the Market Value
11. Partnership deed
i) where the capital doest not exceed Rs.500
Rs. 50
1% on the Capital invested
ii) Other Cases
Rs. 300
12.Deposit of Title Deed
0.5% on loan amount
subject to a maximum of Rs.25000/-
1% on loan amount subject to a maximum of Rs 5000/-
13 Release
i) Release among family members (coparcenars)
1% on the market value of the property but not exceeding Rs.10000/-
1% on the market value of the property subject to a maximum of Rs.2000/-
ii) Release among non family members (co - owner & benami release)
8% on the market value of the property
1% on the market value of the property
14 Lease
Lease below 30 years
Lease upto 99 years
Lease above 99 years
1 % } on the total amount
4 % } rent,premium, fine
8 % } etc.,
1% subject to a maximum of Rs.20000/-
15. Declaration of Trust (if property is there, it would be considered as sale)
Rs. 180
1% on the Amount
prabhakar singh
(Expert) 29 April 2013
I would like to say something more here for clarity of the discussion.
The word 'Release' is basically used in the context of setting something free from restraint or a condition or a confinement. It is also used in the sense that the transaction is in the nature of giving up a claim or right or title by one or more persons in favour of another or others. It amounts to giving up or abandoning a claim or a right to the person against whom the claim or right exists or can be enforced or can be exercised. This can be in respect of immovable properties as well.
A Release is however, always an interest or a share and normally the entire property cannot be released. In other words, the whole of property can be sold, mortgaged, settled, gifted or otherwise dealt with. However, in the case of Release, the person in whose favour the release is made usually has a pre-existing interest in the property and qualifies for release on that basis.
Release is used in cases where there is no requirement of a conveyance or a transfer of property, but the transaction involves relinquishment of a right or a claim. It is more in the nature of an admission of an existing right and a surrender or abandoning of real or potential claim or right.
There can always be a release of a right in favour of one or more co-owners.It would be not right to labor under misconception that unless the property is 'ancestral'there can be no release.
Between two co-owners,as the case in hand is,any of them can legally transfer adopting several mode of transfer be it sale or gift or can abandon or relinquish
it's claim in other favor by a release,relinquishment or QUIT deed by whatever name we call it as opting any of name is and would be simply a matter of nomenclature and it is always a deed as whole tells us what it really is.
Then all options of transfer are open here.
The choice lies on front of cost impact of
particular choice which in these cases would be stamp duty and registration fees.It is a family transaction where GIFT or RELEASE both options are best choices.
Which between the two should be opted after considering stamp and registration charges.
Hence advises of M/s M.Sheik Mohammed Ali & Minansu Bhadra are also correct.
Devajyoti Barman
(Expert) 29 April 2013
Both deed of relinquishment and deed of gift would do in this circumstances.
Choice is yours.
Chinnappan
(Querist) 29 April 2013
Thank you Mr Prabakar Singh for the elaborate clarification and all other experts who have contributed the comments.
Advocate Ravinder
(Expert) 30 April 2013
I slightly differ with the above experts. One of my learned friend had give his explanation of difference between release deed and relinquishment deed as follows. I have noted the contents and I am furnishing the same to you. Prabhakar Singh sir had rightly explained about release deed. I request him to give some example so that I could understand fully.
-- Relinquishment deed is for relinquishing his/her rights on property or else.
(in hindi : Relinquishment means Haq Tyaag)
-- Release Deed :
A document, in the form of a Deed in which one who has limited rights to a piece of real estate (usually a Mortgagee or Lienholder) abandons those rights back to the owner of the real estate; often takes the form of a Quitclaim Deed.
Example: Morgan holds the mortgage on Fillmore's land. Fillmore wishes to sell part of the land. In return for Fillmore paying down the mortgage loan by an agreed amount, Morgan gives Fillmore a deed of release to the part to be sold, so that Fillmore can transfer Clear Title to the buyer.
Raj Kumar Makkad
(Expert) 08 May 2013
Thanks Mr. Prabhakar for more clarification.
