My father died intestate. we want to transfer all the property rights in my mother's name. I undestand we should prepare a release deed. We want to register a release deed for transferring our rights in the apartment to our mother. I have prepared a template, but would like to know if the release deed is required to be on a stamp paper? If yes, then what denomination of stamp paper? Does the release deed require any signature/stamps from the notary? Where can I get the release deed registered in Mumbai?
First answer received in 30 minutes.
Lawyers are available now to answer your questions.
1) release deed has to be on stamp paper
2) in Maharashtra for release /gift deed to be executed in favour of family members it has to be on stamp paper of Rs 500 . you can cross check with sub registrar office exact amount of stamp duty payable
3) release deed has to be registered with sub registrar office within whose jurisdiction the property is situated
4) it is not required to be notarised
Release deed must be registered with sub registrar office within whose jurisdiction the property is situated and it is duly stamped and pay the registration fee at the time of registration. Rs.500 is the stamp paper fee and let it be check in sub registrar office
When it is registered ,there is no need for any signature/stamps from the notary.
1.All the legal heirs of your deceased father can come to an understanding and execute a Family Settlement Deed and it is less time consuming and need not be notarised and only two witnesses have to attest it.
2.If you do not want to go for family settlement deed, all the children can execute a Release/Relinquishment Deed releasing their individual share in favour of their mother and the deed has to be duly stamped and registered in the office of the Sub-Registrar of the jurisdiction in which the property is situated.
A. As per the Article 52 of the BOMBAY STAMP ACT, 1958 confirmed that Rs. 200/- stamp duty ( within the Family) if the release deed of an ancestral property or part thereof is executed by or in favour of brother or sister (children of renouncers parents) or son or daughter or son of predeceased son or daughter of predeceased son or father or mother or spouse of the renouncer or the legal, heirs of the above relations. And you can register the same where your property is situated that limit's sub registrar office. There is no amendment in 2005 with respect to stamp duty hike regarding Release Deed towards Rs. 200/- but in future it will be a hike till Rs. 500/-.
B. Release Deed notarized not required.
The registration of a property involves adequate stamping and paying the registration charges for a sales deed and having it legally recorded at the sub-registrar’s office.Registering the documents relating to the transfer, sale, lease or any other form of disposal of a property is compulsory by law under section 17 of the Indian Registration Act, 1908. The registration of an agreement to buy or sell a flat in Maharashtra is compulsory under Section 4 of the Maharashtra Ownership Flats Act, 1963.
Execution of the desired registered release deed will always be on the non-judicial stamp paper of the value to be quoted by the registrar office which will be in the form of stamp duty. The stamp duty and registration charges differ from one state to another hence it is better to either visit the jurisdictional registrar's office in person and get to know the details directly or entrust the assignment to an trust worthy advocate or a document writer and follow it up personally and get the job done
1. Yes it is to be supported by a stamp paper.
2. The stamp paper has to be 5% of the market value of the property.
3. Get the deed registered before the registrar.
