Max (employed) 06 March 2011

Question about Release Deed

I need an expert opinion on the below matter:

My father, mother, and I jointly bought an under-construction flat in Mumbai 2 years ago. We took a joint bank loan for buying the flat. The flat's posession was given in Jan 2011. The flat purchase and possession is registered in the names of my dad, mom, and me. Completely repaying the bank loan will take a few more years.

My mom and dad want to transfer the complete flat in my name. We think a release deed from my parents giving up their interest in the flat will be the correct/cheapest way to do this. They plan to mention that the release is out of 'natural love and affection' i.e. there will not be any consideration involved.

My questions are:

1. Can a release deed by registered even before the bank loan is repaid? Or do we have to wait for the bank loan to be repaid before we register the deed?

2. How much will it cost for the deed? How is the stamp duty calculated for a release deed in Mumbai? How much will the registration charges be in Mumbai? How to calculate the registration charges for release deed in Mumbai?

3. Which are the relevant laws/sections applicable for the release deed stamp duty and registration charges?

Thank you vey much for your help. Please do help me.

Best Regards,

Max

Reply Follow

5 Replies

bhagwat patil (Property due diligence 9422773303) 07 March 2011

You can transfer by hte consent of the bank.stamp duty can be calculated by ready rechnor of your area.

Max (employed) 09 March 2011

Thank you very much for your reply. However, I am still confused about the below. Please help:

Will stamp duty be on market value, even if the release deed is between family members for no consideration?

What percent of market value will the stamp duty be in Mumbai?

How much would the registration fees be for this deal?

Regards,

Max

bhagwat patil (Property due diligence 9422773303) 09 March 2011

You will find in registrar office of your area.

prasad v r (Accountant) 27 December 2011

I need an expert opinion on the below matter:

We are having an ancessestral property in hyderbad. My Grand Mother / father was died before 30 years and they have 3 legal heirs amongs that we are the One. My grand mother has done a partition of the properties ( 3 properties to all 3 legal heir) but that deed as not been registered in registrar offices Now my question is No. 1 legal heir want to registered the property ( which the property allotted in partition deed ) in his name. what deeds they want to prepare and that deed should be registered by other legal heirs or they should done own.

Which are the relevant laws/sections applicable for the release deed and gift deed stamp duty and registration charges? Which deed is good for above issue or both.

Thanks

Best regards

nani

manu (manager) 11 April 2013

hello, please advice .

I have an ancestral property which my grandmother has given to 3 grand sons ...out of which i am one of the grandsons. now i would like to register the property in my name

shud i go for relinquishent deed or gift deed? and what are the other steps i need to take

thanks