Legal Question in Real Estate Law in India
Relinquish deed in JOINT immoveable property without consideration. Property situated in GUJARAT . STAMP DUTY REQUIREMENT. Investment in the property was done by the joint holder in whose favour the relinquish deed is to be executed.
1 Answer from Attorneys
Sir
Under Article 49 of the Schedule of the Gujarat Stamp Act, a simple release deed, relinquishing the claim of a person from the immovable property, shall be chargeable at the Stamp Duty Rate of Rs. 100 only.
However, if any such Release Deed is against acceptance of Consideration, then it is deemed construed as Conveyance,and it will be charged @ the rate of conveyance i.e .4.9 %. This rate will be applied on the consideration accepted for such release.
Feel free to contact me should you have any further question. I am based in Ahmedabad, Gujarat.
Vivek N Mapara
www.vnmlaws.com
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