1) You have to insert both sisters name on flat and then you can make a relinquish deed that will save your stamp duty a registration charges and in any other it will be charged.

2) If you are going to purchase their shares than do a sell agreement and give them consideration.

3) which ever deed you perform all needs to registered with registrar.

See it's better that the sister who is not taking consideration makes an gift deed for her share as stamp duty on gift is less then release deed. Further second sister can make a release deed for her share for amount of consideration.

Further on demise of father the nominee is just a care taker for legal heirs in share of your father all legal heirs of father have equal share so your mother and sister and you have equal.share in father's share accordingly deed can be prepared.

Two separate deeds can be made on gift deed both will get the exemption as gift from relatives is not taxable.

While for other sister you are paying amount that can be shown as consideration in deed and for that amount you can get deduction in your tax filings, for sister it is capital gain for selling her share further when she is purchasing separate house she can claim exemption of capital gain by showing that she is investing total amount in purchase of new flat so in this way both will get tax benifit.

Release deed has to be done with consideration and any deed without consideration will be void

So than you can go with sale deed and insert actual amount what you are going to give them as consideration in the sale deed. Here in this case you and your sisters has to bear stamp duty and registration charges that will approx 6% of market value. Check the your flat value and their share consideration price accordingly.

Sale deed should be executed as you are paying money to one of your sister

Second sister can execute gift deed or release deed for her share in flat

Sale deed should be executed duly stamped and registered

According to section 17 Registration Act every transfer of immovable property should be registered further it will be problem.for future sell.

1. You not only have your 50% share but also a share in the 50% share left by your dad

2. May I know who all are the legal heirs of your father apart from you and your 2 sisters? Is your mom still alive?

3. The 50% share of your father will go to his widow and children

4. Just because your dad left a nomination in your sister favour, your sister does not become owner of the 50% share

5. Your sister can execute a release deed with consideration in your favour

6. The second sister can gift her share to you through a gift deed

1. You can get the said release deeds registered as planned by you.

2. You can also register gift deed for which minimum stamp duty will be required and simultaneously you can gift the consideration in favour of your that sister or her husband. through a notarised affidavit. (For gifting movable properties no deed is required to be registered).

1. You can pay the consideration to her but if you mention it in the said release deed, it will no,longer be considered as a release deed but a sale deed attracting higher amount of stamp duty.

2. So, show it as gift deed or relinquishment deed or release deed without mentioning any thing about the consideration you are paying her. Pay her separately as gift to her by executing a notarised affidavit.

Firslty, you can get it gifted to you for without consideration (though out of the box you can give something to her).

Secondly, as whether you go by release of gift with consideration then you would have to pay stamp duty at high rate though less than on sale deed.

Thirdly, try to opt for anyone of these two as per the wish as both have similar value in the eyes of law.

1. GIFT Deed is finally the best & cheapest option. It is not challengeable.

2. IF you give any amount of Cash to Sister, IT cannot be claimed as Capital Gains, SINCE the sisters are not the Title-Owners /Purchasers and the Purchase of Flat was not shown in the Income Tax returns of the Sister. ONLY the actual Purchaser (with his own declared money) can claim Capital Gains benefit ELSE NO.

Keep Smiling .... Hemant Agarwal

Since your father died intestate, his share in the property shall devolve equally on all his legal heirs which includes you, your siblings and your mother.

In order to become an absolute owner of the property all other shareholders are to execute a registered release deed in your favor.

The passing of consideration amount to the release shall be condition set before execution of the registerd release deed, you can arrange those things accordingly.

You may talk to all of them and arrive at an amicable decision after which with the help of a local advocate, you can draft a release deed, get it registered as per the formalities in this regard.

But I am paying her a consideration for her to purchase other flat. What is best was as both are tax payers.

The question of tax is not criteria to go ahead with the legal process of executing the release deed.

The registered lease deed would have its contents or recitals about the consideration amount paid to each and every releaser.

Dear Sir,

To be on safer side get release deed by showing the amount paid to her.

This is my response to you:

1. Your sister will need to give her NOC to you to transfer the property;

2. The society name is transferred but she does not become the owner of the property;

3. All the legal heirs of your father become the owner especially when your father died intestate;

4. Pay consideration to your sister and get the NOC from all legal heirs of your father i.e. both your sisters and your mother.