Whether a release deed can create co ownership?

Dear learned members, please clarify to the following query.

A married woman owns a self acquired immovable property and she plans to release 1/3^rd share of vested rights, title and interest in the said property in favour of her mother for a consideration by a release deed. Is it a valid transfer? If so will they (Daughter & mother) become co-owners of the said immovable property?

Thanks in advance.