Don't go for gift deed instead you can go for relinquish or release deed. It can save your cost of stamp duty and registration. Only nominal charges you have to pay.
Currently the flat is in Mother and Daughters joint name. Wanted to check the cost and procedure of transferring a flat in Mumbai under the Daughters name only. Mother is alive and is gifting the flat to her daughter.
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Don't go for gift deed instead you can go for relinquish or release deed. It can save your cost of stamp duty and registration. Only nominal charges you have to pay.
mother can execute gift deed in favour of daughter
2) gift deed should be duly stamped and registered
3) legal fees depend upon lawyer engaged by you
4) stamp duty would be 3 per cent of market value of mother share in property as per ready reckoner rates
5) registration charges are maximum Rs 30000
Dear Client,
Mother have to execute release deed or gift deed in her favor to make her absolute owner. Less stamp duty payable on release deed. In both case max 2% of market value of transferred holding.
Relinquish or release deed what is the procedure? And what are its approximate Nominal Cost ?
1. The share in a property can be transferred by another by way of deed of gift or deed of sale.
2. Since deed of gift between a family members attracts nominal stamp duty and registration deed, in this case it is advisable to execute gift deed only.
3. To draft such a deed of gift you require assistance of an advocate .
relinquishment deed has to be executed duly stamped and registered
you can cross check with sub registrar office as to stamp duty on relinquishment deed
Dear Sir,
The property can be transferred in the name of daughter by Gift deed. This need be compulsorily registered and attracts same stamp duty as in the case of sale deed. Another way is that you may execute a will in favor of daughter, but will takes effect only after the death of testator and during his lifetime he can change it too. Will should also be registered for safety.
1. Mother can make a gift deed in favour of daughter
2. professional fee for drafting gift deed - 10k
3. stamp duty - 500/-
4. registration fee - nominal
5. clerkage/registration agent fee - on actuals. The party can appoint his own agent
6. out of pocket expenses, if any - on actuals
Mother can gift her share of property to the daughter vide registered gift deed the applicable stamp duty shall be 3 percent of circle rate of her share. The Deed need to be registered before the sub-registrar office.
See release deed or relinquish also can be made the procedure is same a deed need to be made and registered with the Sub-registrar office but in release deed the stamp.duty shall be 6 percent so better go for gift Deed.
This will be through Gift Deed and get it registered with the registrar. The mother will gift her share in the property so be cautious that to pay only for share of the mother the court fees as prescribed.
Dear Sir,
- Generally court takes indemnity bond from another person to release from his/her right.
- You can file the case at Civil Court with affidavit of another person, who is in joint name for release deed.
- It is normal procedure and any lawyer will be able to help you.
- Cost in such cases depends upon lawyer to lawyer.
Regards
Vivek Arya
Both release and relinquishment deed can be executed. It has to be mandatorily registered. The stamp duty is minimal as she is relative.
Mother is advised to execute gift deed in favour of daughter duly registered to avoid any future legal complications.
Relinquish or release deed are same and charges are nominal but higher than gift deed.
Go for gift deed
It will cost you less than 2000 rupees same like gift deed procedure. You need to registered with the registrar.
A gift deed is a good option as a gift from mother to her daughter is not taxable. The lawyer shall take his fee and prepare a deed. It has to be registered with the sub registrar.
Regards
1.For the purpose of getting a relinquishment deed registered it is advised to consult a lawyer who can draft the deed for you.
2.stamp duty is state subject and varies from state to state.
OPTIONS: From Mother to Daughter
a) Gift Deed: Stamp duty 1% of the 50% of Mother share, on the Rateable value of the property. Registration Fee: 200/-
b) Release Deed: Lumpsum: Stamp Duty: 200/-. Registration Fee: 1000/-
c) Relinquishment Deed: Not Applicable, legally.
Mother can execute a registered gift deed in favor of her daughter insofar as her share in the property is concerned.
If I am not wrong there is no stamp duty payable for the transfer of immovable property between blood relations, which you may confirm it from local sources.
Relinquishment or release deed may not be applicable to this situation. The best mode of transfer is by executing a registered gift deed which would be more appropriate.