Hi, Can you please help me understand what charges are applicable in preparing release deed. We have a site on my father's name who expired 2 yrs ago. Now we are transferring it on my mother's name and application for same is filled. We are 3 brothers and sister, one being minor (under 18). Do we need to prepare release deed only for two children or for all 3, one signed by the guardian on behalf of minor ? And i want to understand till when this will be applicable ? If we want to later transfer the properly to any of us after my mother will this affect ? Thanks in advance.
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) legal fees depend upon lawyer engaged by you
2)stamp duty on release deed is nominal and varies from state to state
3) registration charges also vary
4)adults brothers and sister can relinquish their interest in property
5) for relinquishing minor interest in property you would need court consent
Hi Sir, thank you for the answer. Can you please give some approximate figure for registration charges (is it in 100's or can go up to 5K) as we don't have idea regarding the same. Also can you please help us understand whether the charges are applicable per person registering in the release deed or is it per release deed ? Thank you.
1) stamp duty in Maharashtra for release deed or gift deed is Rs 200 if in favour of close family relative .
2) registration charges would be maximum Rs 30000
3) you can make inquiries with sub registrar office in your city for exact amount payable
1. For getting the property transferred in your mother's name in municipal records and to obtain Khata of the property in your mother's name, Release Deed is not a must.
2.Only an NOC is required from the legal heirs.
3. Following the above procedure does not release the interests of the legal heirs in the property in favour of their mother, but only authorisation from the legal heirs to change name in the municipal records in their mother's name.
4. Depending upon the circumstances later on the property can be transferred in all other legal heirs' names or in a single heir' S name.
1. The release deed for the minor can not be signed by anybody claiming to be his guardian.
2. The local District Judge is the trustee of the shares of properties of all the minors in the location falling under his jurisdiction.
3. So, for transferring the share of property of a minor shall have to be approved by the local District Judge who will grant such approval if the said transfer of the minor's share is in his interest.
4.The other major share holders of the property can transfer their shares to there mother.
5. Once the shares of you are transferred to your mother through a settlement or gift deed, those shares will become your mother's property and she can deal with the same as per her wish without taking your consent.
1. The stamp duty and registration fee will be as per the rule framed by the local State government and it will be based on the valuation of the property as per current rate which is being dealt with.
2. You can find out the said cost by enquiring from your local registration office giving the details of the property being dealt with by you.
The stamp duty and registration charges will differ on the basis of whether the parties are members of a family or otherwise.
“Family” for the purposes of stamp duty and registration charges would cover father, mother, husband, wife, son, daughter and grandchild.
A Release can be made for consideration, that is, ‘payment’ or a ‘price’. It can also be made without receiving any payment or consideration.
The stamp duty and registration charges may differ based on whether price or consideration is received or the Deed is executed without receiving any payment or consideration.
he stamp duty payable for release deed within family members shall be Rs. 1000/- however you may clarify the same from the local registrar's office.
The minor's share cannot be relinquished by the guardian to any person without the permission of court competent.
The release deed relinquishing their rights by the co-sharers can be by a jointly executed single deed or by a separate deed individually depending on the prevailing circumstances.
The stamp duty for release deed where the release is within the family members shall be Rs. 1000/-
1. The charges are the fee of your lawyer, registration charges and stamp duty. A single gift deed can cater to the release of share by every heir. Separate deeds are not required to be executed.
2. What is the consideration for release of minor's share's in favour of mother? if proper consideration is there the release is valid, but if it is not the minor can dispute the same on attaining majority.
