Stamp duty in maharshtra for release deed
dinesh
(Querist) 15 December 2012
This query is : Resolved
Hello sir,
Since childhood I am living with father mother at Bombay.
my mother died in 90 leaving behind heirs 1. my father 2. my sister(married) 3. my brother (leaving in native) 4. myself. Flat was in name of my mother. My father died in 2000. Flat is still in name of deceased mother. My sister willing to relinquishing her right in my favor. Market rate of property is 27 lac after depreciation.What will be stamp duty I have to bear for getting 1/3rd right of sister in my favor?
prabhakar singh
(Expert) 15 December 2012
52 Release; i.e., any instrument (not being instrument as provided by sec. 24) whereby a person renounces a claim upon such other person or against such property.
(a) if the release deed of an ancestral property or part thereof is executed by or in favour of brother or sister (children of renouncers parents) or son or daughter or son of predeceased son or daughter of predeceased son or father or mother or spouse of the renouncer or the legal, heirs of the above relations. Two Hundred Rupees
(a) In any other case. The same duty as is leviable on a conveyance under clause (a), (b), (c) or (d) as the case may be of Article 25, on the market value of the share interest, part or claim renounced.
source page:http://taxguru.in/finance/important-definitions-stamp-duty-rates-on-various-instruments-as-per-bombay-stamp-act-1958.html
ajay sethi
(Expert) 15 December 2012
on death of your mother make an application to society to transfer flat in name of leagl heirs namely you and your brother .
enlose copy of Deed of Relinquishment signed by your sister . it has to be stamped on Rs 200 stamp paper and needs to be regd . society will transfer flat in name of legal heirs after fulfillment of all formalities .
dinesh
(Querist) 15 December 2012
in my case if Relinquisher wants monetary gain then does release deed attracts stamp duty ? And if Yes then what amount ?
Raj Kumar Makkad
(Expert) 15 December 2012
Moeny is not to be shown in release/relinquishment deed rather this is your understanding so the normal stamp duty is required to be affixed.
If you want to mention money then sale deed shall be got executed and registered.
