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RELEASE-DEED
(A brief Introduction)
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.
Ascertain Payment
of Stamp duty and Registration fee.
Ascertain the list
of documents (enclosures) required to be produced at the time
of presentation of the document before the jurisdictional Sub-Registrar.
Format of Release-deed
Payment
of Stamp duty and Registration fee.
(i) Stamp duty is payable on the instrument
but not on the transaction. To ascertain the correct
Stamp duty payable one has to see the intention
of the document and words used in it.
(ii) A general format has been designed for
the help of the public concerned. Based on this format
Stamp duty and Registration fee payable on
this Release-deed is as below: -
* Note I: For the purpose of the
Calculation of Stamp Duty:
Family in relation to a
person for the purpose of clause (b) means husband, wife, son,
daughter, father, mother, brother, sister, wife of a predeceased
son and children of a predeceased son or predeceased daughter.
Note II: For the
purpose of the Calculation of Registration Fees:
Explanation: Family in relation to a person
for this purpose means father, mother, husband, wife, son, daughter
(whether married or unmarried), brothers and sisters.
The list of
documents (enclosures) required to be produced at the time of
presentation of the document before the jurisdictional Sub-Registrar.
An Identical copy of the Release-deed
Format of
Release deed
Note: - This is only a draft format and
not a format prescribed under any law. This format can be used
with modifications suiting to your requirements wherever it
is necessary. In case of doubt regarding payment of Stamp duty
and Registration fee etc. contact the concerned Sub-Registrar
/ District Registrar.
Levy of Stamp duty on Release deed entirely
depends on the intention and the wordings used in the Release
deed. A Release deed either can be stamped as a gift, settlement,
partition or release as the case may be.
Conveyance.
Partition.
Settlement.
[You can download this Release deed
format]
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