Release deed / gift dead

naresh lalchand israni (Querist) 26 February 2013 This query is : Resolved
My elder brother & myself have purchase a flat Co-op Hsg. Soc. Ltd. in Navi Mumbai and my elder brother is the first member and myself is the second member as per agreement and society's records.

Now my elder brother want to give the said flat to me.

What is the procedure to be followed ?
Whether stamp Duty is compulsory? &
Whether Registration is compulsory ?

With regards,

naresh

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ajay sethi (Expert) 26 February 2013
he can execute gift deed in your favour . it attracts 2%stamp duty . registration is a must .

Rajeev Kumar (Expert) 26 February 2013
Stamp duty on gift deed is lower than release deed but must registered it.

Raj Kumar Makkad (Expert) 04 March 2013
Gift deed is the only remedy in the given case. Engage services of a lawyer and do follow his advice.

prabhakar singh (Expert) 04 March 2013
Go far a gift deed.

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