Release deed
2 years ago
3 blood sisters nominees in property, father (owner) deceased. 2 sisters want to relinquish their name from nomination by release deed. How to show consideration, will it attract stamp duty?
A.Hi,
For a Release deed to be legally acceptable and valid, it must be registered. When such a deed is registered, the stamp duty is paid. However, showing the payment of consideration would change the form of the release deed to a sale deed which would attract more taxes.
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For a Release deed to be legally acceptable and valid, it must be registered. When such a deed is registered, the stamp duty is paid. However, showing the payment of consideration would change the form of the release deed to a sale deed which would attract more taxes.
If you like my answer, then please rate me
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Adv. Sarika Khude
Responded 2 years ago
A.The release deed must be registered to give its effect under the law and since it will be registered there will be stamp duty and registration charge on it. You need not mention the consideration amount on the release deed as if you do so it will notionally become a sale deed on which you will have to pay ad valorem to stamp duty.
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A.Release deed must be registered to give it effect under the law and since it will be registered there will be stamp duty and registration charge on it. You need not mention the consideration amount on the release deed as if you do so it will notionally become a sale deed on which you will have to pay ad valorem stamp duty.
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