Release Deed between Brothers

Plz clarify whether property is ansestral or self acquired.?

Thanks for reply. It is self acquired and I am based in Karnataka.

Gift Deed will be cheaper than Release Deed. Regarding the stamp duty and regn charges and guideline value from the Registrar's office. 

Thanks for the reply. In this, my brother can go for Gift deed to release hist rights to me instead of Release deed which is costly. Please confirm.

Dear Mr. Hemanth.

You brother can execute release deed in your favour which is less cost comparitively gift deed.

Mr. Suresh, Please go through Indian Stamp Act and Registration Act for Stamp duty and registration charges. Release Deed is costlier than Gift Deed.

I think in my case, we have an option of both Release Deed and Gift Deed. Is it correct? My house cost 30L, approximately how much would be the stamp duty for Release Deed? I think for Gift Deed, the its is fixed cost.

--Thanks

You have to ascertain it from the Registrar's office where the property is situated because it also involves the guideline value of the property. So approach the concerned registrar's office giving the Survey number and other particulars regarding the property.

Dear Ranganathan,

Thanks for reply. I will approach Registrar's office. But, before that i wanted to understand which way I would save money. Is it better for my brother to give Gift Deed? I think is is fixed value around 4000/-.

Otherwise, should he go for Release Deed which involves guideline value?

--Thanks,
 

You can save money by Gift Deed. But tax problems tomorrow will arise and capital gains will come into play when you intend to sell it. If you are paying anything to your brother then go in for release deed because it will show the consideration paid by you which will help you in future for tax purposes.