• Stamp duty on release deed

Myself and my brother owening the property in joint name, now one brother 2nd name wants to give his share to first, what is advisable? to go for gift deed of release deed? and what is the stamp duty in both case?the property located in thane, maharashtra. pl some one can advise.
Asked 4 years ago in Property Law
Religion: Hindu

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12 Answers

In Maharashtra its better to go for a gift deed rather than relinquish or release deed as in that case the stamp duty as applicable on conveyance is levied.

W.e.f from 16 May 2017 the stamp duty on Gift deed is 3 % market value.

Kindly clarify property ancestral or self acquired as in case of ancestral property the stamp duty on release deed is less.

Shubham Jhajharia
Advocate, Ahmedabad
25516 Answers
179 Consultations

5.0 on 5.0

new amendment of Maharashtra Stamp Act, in related to Gift the stamp duty is 3% on Market Value has been introduced from 07th September, 2017.

Ajay Sethi
Advocate, Mumbai
87911 Answers
6207 Consultations

5.0 on 5.0

The gift deed can be made and stamp duty of 3% has to be paid.

Shubham Jhajharia
Advocate, Ahmedabad
25516 Answers
179 Consultations

5.0 on 5.0

Stamp duty on gifting immovable property to relatives: 500.

A gift deed is better.

Vibhanshu Srivastava
Advocate, New Delhi
9426 Answers
245 Consultations

5.0 on 5.0

Even if brother is ready to relinquish his share in property without any consideration stamp duty would be leviable

Ajay Sethi
Advocate, Mumbai
87911 Answers
6207 Consultations

5.0 on 5.0

Go for a gift deed.

Vibhanshu Srivastava
Advocate, New Delhi
9426 Answers
245 Consultations

5.0 on 5.0

1) You can go with Relinquish deed and without paying any consideration, stanp duty and registration fees.

2) Only Paper work and Non judicial stamp of rs 100 or 500 to be purchased.

Ganesh Kadam
Advocate, Pune
12335 Answers
191 Consultations

4.9 on 5.0

1. Duly Execute a GIFT Deed

Stamp Duty = 200/-

Registration Fee = 200/-

(In Maharashtra)

Keep Smiling .... Hemant Agarwal

Hemant Agarwal
Advocate, Mumbai
5612 Answers
25 Consultations

5.0 on 5.0

He cannot release his rights because it is not jointly inherited property but it is jointly owned property.

Hence the property can be transferred to your name either by executing a registered sale deed or gift deed.

There is no stamp duty on gift deed transfer within the blood relations in Maharashtra except Rs. 200/- towards registration charges.

T Kalaiselvan
Advocate, Vellore
78070 Answers
1543 Consultations

5.0 on 5.0

also what is the other option in which case stamp duty is saved?

Transfer by gift deed is the option by which one can save the stamp duty.

T Kalaiselvan
Advocate, Vellore
78070 Answers
1543 Consultations

5.0 on 5.0

the property is self acquired and paid full money by first brother, 2nd brother paid nil on original purchase, since it was under construction property at that time for convenience purpose 2nd brother name was mentioned, since there was no society formed and nomination not made, now brother has bought his property and he is willing to relinquish without any consideration, whether still stamduty is applicable?

Since this is a jointly purchased property, relinquishment deed shall not be applicable.

Th other options are that of registered sale deed or registered gift deed.

T Kalaiselvan
Advocate, Vellore
78070 Answers
1543 Consultations

5.0 on 5.0

Dear Cleint,

Release Deed is advisable and cheap in comparison to Gift Deed.

But there`s No Stamp duty on gifting of property between blood relatives in Maharashtra.

So go for it.

Yogendra Singh Rajawat
Advocate, Jaipur
21481 Answers
31 Consultations

4.4 on 5.0

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