Release Deed or Gift Deed?

Dear Pradeep !

it is better to mention all the facts, how  the proerty was purchaed in your name and in the name of your mother while you were  not in India and the proerties are purchased with your money, and  the second  name is nominally  included  by your father -, and a Relinquishment Deed to be executed and Registered  by you rmother in yoru name ( not Gift Deed & Not Will deed  )

Stamp Duty in AP 1 % only , however verify with  your Locla SRO !

with regards !

The money paid was from my Indian bank account. I had given the power of attorney to my father, he signed on the agreement and got it registered on my behalf.

Do I have to pay Stamp duty on 50% of the market value of the property, since my mother by default has 50% of the share because of her name in the agreement.

The property is located in Mumbai.

Regards,

Pradeep

Dear Pradeep !

Yes-  it is 50 %  Value of the Property that is to be relinquished by your mother in your  favour - Stamp Duty on 50 % share  of your mother only !

Mr Shetty if it is a relinquushment deed, then you have to pay the full stamp duty on the value of the share of the mother.

I advise you to get a settlement or gift done in your favour in respect of her share in the property, in which case the stamp duty is only 1% on the share of your mother. In the earlier case it would be around 8 %.

Hence, go for a gift or settlement of your mother's share in the property in your favour 

Mr shetty

Read 3 % instead of 1 %, I stand corrected. Even this is cheaper than relinquishment. It is as good as a sale. Settlement and gift are different.

 So, you recommend to go for a Gift Deed in which case the stamp duty is 3% in Mumbai, Maharashtra. What is Settlement?

Regards,

Pradeep

Dear sir,

As per Property Transfer Act, if u have buy any immovable properties with other one, on that case Released deed can be registerred in the concerned Registrar office, Released deed can be executed with consideration or without consideration, because u have purchased the property with ur mother and she can released her share in ur favour in natural love and affection without stamp duty, it is nominal stamp duty in Delhi it is Rs.100/-.

Relinquishment deed is executed after death when the owner of the property was died without WILL, on that case his/her legal heirs released their share in favour of one  person.

Furthet any inquiery you can write saisanjeevgupta@rediffmail.com  

Gift deed is ideal in this case.   In Tamilnadu, it is Rs 10,000 stamp paper and Rs 1000 registration fee.  In Karnataka, it is less than this by 50%

Respected Sirs,

My father built a house and its in my mother's name since my father is no more.  Since my mother is in need of money as she wants to lead a independent life, she is willing/planning to sell the house.    So instead of a 3rd party buying outr house, i'm willing to purchase the house. But couple of banks do not honour this type of transaction... How do i buy the house now?  PS: i've a sibling who is ready to give NOC after taking her share... My mother is also willing to sell the house to me.

Thanks a ton in advance.

If your father has built the house with his own earnings/income in your mother's name and such proof is available in the document, your mohter can gift / settle it out as she wishes.  Then it will not amount amount to sale and therefore no Bank/Financial Institute will give loan for that (Please note that settlement / gift deed among family members is very economical (max 10,000 + 1000 in tamilnadu and is very less in Karnataka and so on in other States too).  If you are willing to spend more money towards registration stamp duty plus registration fee, she can sell the same to you with agreeing party's signature ( your sibling).  Then Bank,s may doubt the transaction between mother and son.  If you want money, better mortgage the same and give the money to your mother.  This way you loose money towards higher interest rate toward mortgage loan..  Otherway is ==  get plan sanctioned by local authority for further construction and get loan and close the matter as you wish after getting the property in your name through gift or settlement deed.. 

It is not relinquishment nor settlement.  It is only gift deed has to be done.  In gift deed there are several types.  Within blood relations and out of blood relations.  Within blood relation is very nominal charges whereby outside blood relations will be somewhat higher.  Verify in the Sub registrar office, since they will be expert in this matters.