Release deed


Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
29 September 2010 I have a property which i am confused between release deed or gift deed.I am having an family settlement.The property will be gifted or released by a family member i.e my husband's brother's wife.Please tell me which will be less costly & what will be the tax in both the scenario.thank you

29 September 2010 Release is also specie of transfer of property a Release in fact may amount to a conveyance or a gift or an exchange. If a person releases his vested right or interest in a property for consideration, it is nothing but a conveyance or sale. If he releases his vested interest without consideration but only for natural love and affection it will amount to a gift. If he releases his interest in one property in favour of another in consideration of that other person releasing his interest in another property in favour of the former, the transaction is nothing but an exchange or partition.

The description release is applied when the transfer is not of the whole property but only of an interest in it and that to in favour of another who is also interested in the property and he is not a stranger.

Releases are mainly of two types namely;

1. A form of conveyance by which an interest in land or in goods and chattals is transferred by one person to another who has already a vested interest therein and;

2. A discharge or renunciation by one person of some right of action or claim, which he has against another or against another property.

The cost of stamp duty varies state to state.

29 September 2010 Agree with Shailesh ji


Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
09 October 2010 But which will be better in terms of money.I mean in which i will be taxed less???? & how much.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries