You can execute deed of relinquishment for your share in property 

it would operate in favour of all your siblings and not merely in favour of sisters 

it should be duly stamped and registered 

1. You can relinquish your share of 33.33% in the ancestral property in favour of your 4 sisters by executing a registered Release Deed in the jurisdictional Sub Registrar's Office.

2. By doing this procedure, it will not affect your tax liability.

If you want to give away  your share in the property to your sisters alone, then you can make a registered gift settlement deed in their favor jointly.

If you transfer your shares in the property by executing a registered relinquishment deed, then your share of property shall mingle with the whole property and your purpose will be defeated because your sisters cannot get your shares individually.

Therefore you can transfer your shares by executing a registered gift deed or settlement deed in their favor jointly.

- As per law, after the death of your parents , their property would be devolved upon all legal heirs equally.

- You can execute a registered relinquishment deed in favour of your sister or can also registered a gift deed.

-  A registered Gift deed is better option.

You have options of

- Sale Deed

- Release Deed

- Gift Deed

Release deed will not solve your purpose. 

Sale Deed will be costly and tax.

Gift Deed is best option in your case. 

You can do so by way of deed of gift or deed of release or relinquishment. 

All these deeds require Registration as well. 

The presence of both the donor and the donee is essential before the sub registrar office at the time of registering the registered gift deed. 

The donee has to sign the deed accepting the gift deed. 

You can execute registered relinquished deed

 Physical presence of both the parties are required while registering the gift deed in the jurisdictional Sub Registrar's Office. However, if it's not possible to physically present before the Sub Registrar's Office by anyone of the parties, such a party can authorise someone to represent him/her, on his/her behalf, for executing the registered gift deed by appointing an agent/attorney through a Power of Attorney (POA).

1) According to The Transfer of Property Act, 1882, acceptance of gift must be made by the donee during the lifetime of the donor and while the donor is still capable of giving the gift

2) Ideally, when the donor gifts the property to the donee, the donee should record the acceptance on the same deed of gift, at the time of execution of the deed and registration before the office of sub-registrar of assurances.

1. You need to execute a relinquishment deed in favour of your sisters.

2. The deed has to be registered mandatorily in the office of jurisdictional sub-registrar.

For registration of Gifd Deed, only your presence is enough as donee can visit later. 

But Many sub registrars pretend of not knowing this and will ask both parties to be present. 

A relinquishment deed has to be made and executed by you in favour  of all the other shareholders. That would suffice.

Physical presence ia required.

Dear sir,

1) You will have to execute a gift deed in favur of your three sisters.

2) The gift deed has to be duly registered at the office of the local registrar for it to be valid in the eyes of law.

3) Yes all parties have to be present ie the donor and donee (all sisters) at the registrar office.

Thank you

- For registration of Gift deed , presence of both the parties and witnesses required as Signature of both the Donor and the Donee is necessary. 

- If other party is unable to appear due to any reason then he/she can execute a POA in favour of any relative for appearing on his behalf. 

Hello,

1. You can get a Gift Deed registered in favour of the sisters and your 33.33% share will remain transferred in their names.
2. Yes, both he donor and the donees have to be physically present in the office of the sub registrar for the purpose of the registration of Gift Deed.