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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: -

1

Stamp duty

The Schedule to Karnataka Stamp Act, 1957, - Article 45

where the release is not between the family members

(a) A release not for consideration

5%

On the amount setforth in the deed or on the market value of the property which ever is higher.

The Schedule to Karnataka Stamp Act, 1957, - Article 45

(b) A release for consideration

8%

On the market value equal to the amount of consideration.

The Schedule to Karnataka Stamp Act, 1957, - Article 45

Where release is between the family members*

(c) A release between family members

The Schedule to Karnataka Stamp Act, 1957, - Article 45

2

Registration fee

Table of Fees

(a) A release not for consideration

1%

On the market value of the property.

(b) A release for consideration

1%

On the market value of the property.

(c) A release between family members

* 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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