I own a property jointly with my sister which is acquired by both of us out of our own funds. I am aged and my sister is taking care of me as my children have abandoned me. Please inform how I can transfer my share in the property to my sister without much expenditure in my lifetime?
There are two ways of transferring the interest, right and title in joint property, first is by gift and second by release. If the gift or release is to family members, concession is provided in the stamp duty. But, the description of family differs in case of gift and release. The definition of family in case of gift does not include sister. In that case the stamp duty is equivalent to conveyance. In case of release, the definition of the family includes sister and the stamp duty is Rupees One Thousand only. The registration charges are Rupees Five Hundred only. You may execute a release deed in favour of your sister. The release deed has to be registered.