1) your brother can execute deed of relinquishment or gift deed for his one third share in land
2) gift deed or relinquishment deed has to be duly stamped and registered
Family member release from the property
My ownership flat in mumbai is jointly owned by myself, my brother and my wife. My brother is ready release his right from the flat. What is be the legal formalities required to release my brother's right from the ownership flat ? whether document will be on the stamp paper ? Is stamp duty and registration charges payable on the documents ? Thanks in the advance
Asked 8 years ago in Property Law
Religion: Hindu
4 Answers
1.The right over an immoveable can best be relased by way of deed of gift or deed of relinquishment.
2. Yes and the deed is to be registered on payment of stamp duty and registration fees.
3.So meet an advocate and do the needful.
Your brother if willing to relinquish his rights in the property, can execute a registered gift deed in favor of both you and the other co-owner or in your favor alone.
There is no stamp duty for transfer of property within the blood relations in Maharashtra but you are to bear the registration charges which is Rs. 500/- only.
he can relinquish his right over the property by executing a deed on stamp paper valued rs 200. Maharashtra government amended stamp act and have fixed 200 for transfer or relinquish right in property in favour of a person falling in blood relation.
