1)sister will have to pay stamp duty at 2%of market value of her share in property for execution of gift deed or relinquishment deed

2) brother and sister are not covered within concessional rate of duty at Rs 500

Since this pertains to the stamp duty it can be answered by only a local lawyer as stamp duty is not uniform throughout India.

1. Get one release/settlement deed executed and registered by your mother and sister in your faour,

2. Registration fees are levied by state govt. which varies from state to state,

3. Get it checked from your local registration office.

registration charges for gift deed would be maximum Rs 30,000

As suggested above the registration fees varies from state to state which you shall have to ascertain from your local registration office.

Registration fees are not charged at fixed amount but as a percentage of the value of te property which is going to be registered.

1. Share in immovable proeprty does not pass by mere agreement.

2. They will have to execute and register a deed of gift on payment of requisite court fees.

3. Registration fees and stamp duty differs from state to state. So check from local office.

My mother and married sister desires to release their right in residential property purchased by deceased father in my favour. Kindly guide that whether my sister can do so by paying stamp duty of Rs. 500/-. I understand that release within family can be done with duty of Rs. 500/- but are brother and sister covered in that proviso.

This is a transfer of property within the family or blood relations.

Government of Maharashtra has exempted the transfers within the blood relations/family members from paying the stamp duty. However, the registration should e done on Rs. 500/- Non-judicial stamp paper. The relations mentioned in your query come under exemption category.

What shall be registration charges for such release deed within family

Rs. 200/- shall be the registration charges.