Gift deed or release deed?
My father expired in 2005 and all property was divided equally among my 2 sisters, mother and myself. The property that was given to my 2 sisters has been sold off by them.
My mother and I live in a flat in New Delhi which is in our joint ownership(mother and me). As per the partition of property within the family the flat is my and my mother's part of the share.
In order to ensure that there is no problem in the future, my mother wants to give me her share during her lifetime itself now.I want to do the paperwork in such a way that there is no dispute in the future. As per rules applicable in Delhi , I am aware of gift deed(which is costly) and release deed (which is less expensive). But I am not sure which is the one that is suitable in my case.
Asked in Property Law from New Delhi, Delhi
gift deed or relinquishment deed executed by mother in favour of son would attract nominal stamp duty ,
in Maharashtra stamp duty is only Rs 200 for gift deed or relinquishment deed executed by mother in favour of son
for stamp duty in delhi only local lawyer can guide you
In your case release deed cannot be made as both of you are joint owners of the property, so your mother can only execute a gift deed only.
Hi, Your mother can execute either gift deed or release deed in favour of you and both are legally good.
2. On the basis of the expenses you have to think over whether you can go ahead with gift deed or release deed.
Since this property is the share of your both i.e., yourself and your mother, both are co-sharers hence there is no legal infirmity in your mother executing a registered released deed in your favor relinquishing her rights in the share of property that was allotted to her.
If you feel that this would be cost effective you may proceed with this option.