Kirit Hakani & Niyati Mankad, Advocates

WHAT IS DEED OF RELEASE?

Release is also a specie of transfer of property. It is an instrument whereby a person renounces a claim upon another person or against a specified property.

As per Black’s Law Dictionary (8th Ed. P. 1315, 1316), the word ‘release’ means the following:

  1. “1. Liberation from an obligation, duty, or demand; the act of giving up a right or claim to the person against whom it could have been enforced . Also termed discharge; sur render.
  2. The relinquishment or concession of a right, title, or claim <Benson’s effective release of the claim against Thompson’s estate precluded his filing a lawsuit. [Cases: Release 1. C.J.S. Release $$ 2-3, 5-8, 19.]
  3. A written discharge, acquittance, or receipt; specif., a writing either under seal or supported by sufficient consideration stating that one or more of the worker’s contractual or compensatory rights are discharged <Jones signed the re lease before accepting the cash from Hawkins>. Beneficiaries of an estate are routinely required to sign a release discharging the estate from further liability before the executor or administrator distributes the property.
  4. ……………..
  5. The act of conveying an estate or right to another, or of legally disposing of it
  6. A deed or document effecting a conveyance.………”

The description of ‘release’ is applied when the transfer is not of the whole property but only an interest in it and that also in favour of another who is also interested in the property and is not a stranger. The expression ‘release’ is also used in case of a document by which one person gives up his right of action against the other or gives up an intangible right like a right of easement and not a right in property. It is an instrument by which one of the co-owner releases or renounces his interest in the specified property and the result of such release would be the enlargement of the share of the other co-owner.

 TYPES OF RELEASE DEED:

Releases are of three types namely: –

  1. in the form of conveyance – wherein an interest in land or in goods and chattels is transferred by one person to another person who already has a vested interest, therein
  2. in the form of a discharge or renunciation – wherein one person discharges/ renounces some right of action or claim which he has against another or against another’s property.
  3. release of certain powers – i.e. when a person gives a power vested in him like a power of appointment.

The first type is really conveyance or transfer whereas the third type is rarely used. The second type is the most important type and it is sometimes also called ‘relinquishment’.

RELEASE V/s. RECEIPT:

A receipt for money is not strictly a document of release. It is an acknowledgment of the amount received and which was payable by the person in whose favour the receipt is used. It results in discharge or release of liability but by itself it is not a document of release.

The distinction between a Receipt and a release is – that the release extinguishes the claim, and, when given, in itself annihilates the debt; but a receipt is only evidence of payment, and if the proof be that no payment was made, it cannot operate as evidence of payment against such proof.

A “release” extinguishes a pre-existing right, while a “receipt” is mere evidence of a fact.

RELEASE V/s. DISCLAIMER:

A disclaimer is a negative form of release and so is renunciation. In a disclaimer, the person disowns his interest in a property though he has an interest in the property, but in a release the releasor admits that he has an interest in property, but he releases it that is he transfers it to the releasee. But even a disclaimer in effect and substance is a release. When a person disclaims his interest in the property, in fact, that interest accrues for the benefit of the person in whose favour he disclaims and the interest of the latter is thereby augmented. It is in substance nothing but a transfer.

A property, particularly immoveable, can never be automatically or notionally transferred without a document of transfer except when the transfer is by a legal fiction, like transfer of property by heirship. A release can be made by all or by one of two or more joint tenants but disclaimer which would amount to a simple renunciation of the beneficial interest under the joint tenancy of the person making the disclaimer with the consequences that the interest would be undisposed of, cannot be made by one joint tenant alone though the purported disclaimer may be construed as a release in favour of the other joint tenants.

RELEASE V/s. CONVEYANCE/ GIFT/ EXCHANGE

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 a consideration, it is nothing but 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.

To distinguish between a release deed, or a gift deed or a sale-deed, the decisive factor is the actual character of the transaction and precise nature of the rights created by the instrument. The essential ingredients of release deed arethat there should already be a legal right in theproperty vested in the release and the releaseshould operate to enlarge that right into anabsolute title for the entire property as far asthe parties are concerned. Thus, there can beno release by one person in favour of another,who is not already entitled to the property as aco-owner. A release deed is valid not only when it is gratuitous. Thus, by the release there is no transfer of interest or title to another person, who has no pre-existing right in such property. A release, therefore, can only be made in favour of a person who has a pre-existing right or interest in the property. A release can feed title, but cannot transfer title. On the other hand, ‘gift’ is the transfer of certain existing movable or immovable property, made voluntarily and without consideration by one person, called the donor, to another, called the donee, and accepted by or on behalf of, the donee. For the said reason, the Hon’ble Rajasthan High Court in the case of State of Rajasthan v. Alokik Jain held that even where one of the co-sharers of the joint agricultural land had simply renounced his claim in favour of another co-sharer in respect of the same agricultural land, the document in question would be release deed and not a gift deed.

For a transaction to assume a character of conveyance, what is necessary is, transfer of interest from one co-owner to another co-owner. As against this, the provision of Art. 52 of Schedule I of the Bombay Stamp Act stipulates that the release is that whereby person renounce a claim upon another person or against any specified property. It is well settled law in this regard that essential ingredients of release are that from the party by a legal right in the property vested in the releasee and the release should operate to enlarge that right into a absolute title for the entire property as far as the parties are concerned. There can be no release by one person in favour of another who is not already entitled in the property as co- owner. A release deed is valid not only when it is gratuitous, as release deed can be validly executed also for some benefit accruing to the releasor simultaneously.

In 1955, Hon’ble Madras High Court when referred with a question to decide whether stamp duty on an instrument styled deed of release, executed by 3 of the 5 co-owners of an immovable property releasing their right, title and interest in the said immovable property, in favour of the remaining two co-owners, would be payable under Article 19 of under Article 44 of Sch. IA of Stamp Act, held that “In the case of co-owners, each co-owner is in theory entitled to enjoy the entire property in part or in whole. It is not therefore necessary for one of the co-owners to convey his interest to the other co-owner. It is sufficient if he released his interest. The result of such a release would be the enlargement of the share of the other co-owner. A release can only feed title and cannot transfer title.”

Relying on its earlier decision in the case of Asha Krishinlall Bajaj vs. Sub-Registrar of Assurances and Ors. (supra) and some other judgments of various courts, the Hon’ble Bombay High Court in one of its cases further held that it shall make no difference whether a person is having a defined share in the property or an undefined share in the property (as long as the interest is held jointly and there is no partition of the said interest among co-owners) and it can still be released in favour of another person. In such a case, share or interest of the other co-owner will be accelerated and acquire a larger share than what he was originally holding.

In order to classify as a release, the executant of the instrument having common or joint interest alongwith other should relinquish his interest which automatically results in the enlargement of the interest of others. But where he executes the document in respect of his share in favour of a particular co-owner, it cannot be treated as a release and must come within the definition of conveyance. However, contrary view has been consistently taken by the Delhi High Court in the case of Srichand Badiani Vs. Govt. of Delhi & Ors. and in the case of Tripta Kaushik vs Sub Registrar VI-A, Delhi & Anr. Wherein they have held that an instrument will be construed as a release deed even if the relinquishment is in favour of one of the co-owners and not all the remaining co-owners.

The Hon’ble Delhi High Court in the case of Tripta Kaushik vs Sub Registrar VI-A, Delhi & Anr has laid down the test for determining whether the instrument can be considered as a Release/ Relinquishment Deed. The relevant Para.30 of the said Judgment is reproduced hereinbelow:

“30. From a reading of the above judgments, the test to determine whether an instrument can be considered as a Release/Relinquishment Deed can be summarized as under: –

  1. In determining whether the document is a release or Gift/Conveyance, the nomenclature used to describe the document or the language which the party may choose to employ in framing the document, is not a decisive factor. What is decisive is the actual character of the transaction intended by the executants;
  2. Determination of the nature of the document is not a pure question of law;
  3. Where a co-owner renounced his right in a property in favour of the other co-owner, mere use of word like “consideration‟ and “transfer‟ would not affect the true character of the transaction;
  4. What is intended by a Release Deed is the relinquishment of the right of the co-owner;
  5. Co-ownership need not be only through inheritance, but can also be through purchase;
  6. Where the relinquishment of the right by the co-owner is only in favour of one of the co-owner and not against all, the document would be one of Gift/Conveyance and not of “release”.”

RELEASE VS. SURRENDER

A surrender is of a nature directly opposite to a ‘release’ for as that operates by the greater estate’s descending upon the less, a ‘surrender’ is the falling of a less estate into a greater.

A surrender, for example, of a lessee’s interest is not considered as a transfer but the falling or merging of the lesser interest into a greater one. Similarly, If the owner of a life estate like a widow under old Hindu Law dies, the estate comes to an end by fiction of law but if a life estate owner voluntarily surrenders his/ her life interest it is not a transfer of the life interest. However, in case of release or relinquishment there will be transfer of title in the property.

POINTS TO KEEP IN MIND WHILE DRAFTING DEED OF RELEASE: –

A deed of release should be drafted either simply as a deed poll, or as a deed to which both the releasor as well as the person in whose favour the release is made are made parties. A deed of release should be drafted generally in the same form as deeds of transfer. However, if a deed is bilateral, it may be construed to be a gift, while a unilateral release cannot amount to a gift. One may refer to the points given in Mogha’s Indian Conveyancer for drafting a Release Deed, summation of the same is as under:

  • Parties: All persons interested, whether as beneficiaries, or as trustees, or otherwise, in the subject of the release should, as a general rule, be made parties to the deed and should execute the deed. When there are several co-promisees/ co-mortgagees/ co-partners/ co-sharers, all must join while executing a release.
  • Recitals: The recitals in a release deed should extensively and precisely show the circumstances upon which the release is based. This is necessary as the general words of release will be controlled by the recitals.
  • Consideration: As discussed hereinabove, for a deed to be construed as a release deed the presence of consideration is not sine qua non. Unless there is a definite monetary consideration (in which case the same should be mentioned, and its receipt should be acknowledged), it is usual to express a release as made in consideration “of the premises”, i.e. of the facts stated in the recitals.
  • Operative Words: No special words are necessary to be stated, so long as the intention is clearly expressed. The words in general used are “release”, “discharge” “relinquish”. “give up”, etc. Release of a person or his property from “all suits, proceedings, claims and demands”, generally extinguishes all rights of action, titles, conditions, etc., then existing.
  • Execution: The deed should be executed by all releasors. If some do not sign, it would ordinarily not be binding on them unless there is anything to indicate that it was intended to bind them. In all cases, in which there is an apprehension that some persons will not execute the deed, it should be provided that non-execution by any party should not affect its operation as against those who execute it. Where there are several co-promisors, a release of one does not discharge the others; therefore, if it is intended to discharge all, the release should be of all the co- promisors, whether they are all made parties to the deed or not.
    • Stamp duty and registration charges:Discussed in detail hereinbelow.

REGISTRATION OF RELEASE DEED

A title once vested can be divested only by a registered conveyance or one or the other means allowed by law. It cannot pass by admission, relinquishment or disclaimer when law requires a deed. Any person who has an interest in any immoveable property cannot release it orally or by an unregistered deed, because such a release would amount to either a conveyance (if it is for consideration) or exchange, or a gift if it attested by two witnesses and which if not so attested itself would be invalid as a gift under the Transfer of Property Act. A release of any interest in any immoveable property is nothing but a transfer of that interest and would fall within one or the other of the transfers recognized by the Transfer of Property Act. A Deed of Release is only a form of document in conveyancing. But it is now established that the document is not to be construed by its name but by its contents or substance.

As per Section 17(1)(b) of the Registration Act, 1908, a release must be registered when the amount of claim to, or interest in, immovable property which is extinguished is of the vlue of Rs.100 or upwards. If the release is of a right in movable property, or from a personal obligation or, is relinquishment of a personal right, it need not be registered.

It is pertinent to note that the fact that a Deed of Relinquishment or Release or Surrender of any interest in an immoveable property requires registration under Section 17(1) of the Registration Act, 1908 (16 of 1908) shows the intention of the legislature to treat such a document as a document of transfer.

Registration Charges in the State of Maharashtra are 1% of the total cost for the properties priced below Rs.30 lakhs and capped at Rs.30,000/- for properties priced above Rs.30 Lakhs

STAMP DUTY ON RELEASE DEED

    • Article 55 of the Schedule I of the Indian Stamp Act, 1899 deals with stamp duty on the Instrument of Release. The said Article 55 is reproduced hereinbelow:

Description of Instrument

(1)

Proper Stamp Duty

(2)

55. RELEASE, that is to say, any instruments (not being such a release as is provided for by section 23A) whereby a person renounces a claim upon another person or against any specified property—
(a) if the amount or value of the claim does not exceed Rs. 1,000; The same duty as a Bond (No. 15) for such amount or value as set forth in the Release.

Five rupees.

(b) in any other case……………………. The same duty as a Bond (No. 15) for the amount of the loan secured.
    • In the Union Territory of Delhi, Article 55 of the Schedule IA of the Indian Stamp Act, 1899 deals with Release Deed which is as under: –

Description of Instrument

(1)

Proper Stamp Duty

(2)

55. RELEASE, that is to say, any instruments (not being such a release as is provided for by section 23A) whereby a person renounces a claim upon another person or against any specified property—
(a) if the amount or value of the claim does not exceed Rs. 1,000; The same duty as a Bond (No. 15) for such amount or value as set forth in the Release.
(b) in any other case……………………. One hundred rupees
  • Similarly, in the State of Maharashtra,the stamp duty applicable to release deed is also provided in Article 52 of Schedule I to the Maharashtra Stamp Act, 1958 and the same is as under: –

    Description of Instrument

    (1)

    Proper Stamp Duty

    (2)

    52. RELEASE, that is to say, any instrument (not being an instrument as is provided by section

    24) whereby a person renounces a claim upon other person or against any specified property,

    (a) if the release deed of an ancestral property or part thereof is executed by or in favour of brother or sister (children of renouncer’s parents) or son or daughter or son of predeceased son or daughter of predeceased son or father or mother or spouse of the renouncer or the legal heirs of the above relations without consideration in any form. Two hundred rupees.
    (b) in any other case. The same duty as is leviable on a conveyance under clause (a), (b), or as the case may be (c), of Article 25 on the market value of the share, interest, part or claim renounced.
  • In the State of Gujarat,the stamp duty applicable to release deed is also provided in Article 49 of Schedule I to the Gujarat Stamp Act, 1958 and the same is as under: –

    Description of Instrument

    Proper Stamp Duty

    49. RELEASE– that is to say, any instrument (not being such a release as is provided for by section 24) whereby a person renounce a claim upon another person or against any specified property-
    (a) if the release deed of an ancestral property or part thereof is executed by or in favour of brother or sister (children of renouncer’ s parents) or son or daughter or son of predeceased son or daughter of predeceased son or father or mother or spouse of the renouncer or the legal heirs of the above relations; One hundred rupees.
    (b) in any other case The same duty as is leviable on a conveyance under article 20 for the amount of consideration or, as the case may be, market value of the share, interest, part or claim renounced in immovable property whichever is greater.
  • In the State of Karnataka, Article 45 of Schedule to the Karnataka Stamp Act, 1957 deals with Release Deeds and same is reproduced hereinbelow: –
    Description of Instrument Proper Stamp Duty
    45. Release, that is to say, any ins-trument (not being such a release as is provided for by section 24,) whereby a person renounces a claim upon another person or against any specified property:
    [(a) where the release is not between the family members The same duty as a Conveyance under Article No.20(1) on the market value of the property or on the amount or value of claim or part of claim renounced, as the case may be (which is the subject matter of release) or consideration for such release, whichever is higher.
    (b) Where the release is between the family members

    Explanation.- family in relation to a person for the purpose of clause (b) means husband, wife, son, daughter, father, mother, brother, wife / children of predeceased brother, sister, husband/ children of predeceased sister, wife of a predeceased son and children of a predeceased son or predeceased daughter.

    1. If the property is situated within the limits of Bangalore Metropolitan Regional Development Authority or Bruhat Bangalore Mahanagara Palike or City Corporation …… Rupees five thousand;
    2. If the property is situated within the limits of City or Town Municipal Council or Town Panchayat area …………. Rupees three thousand;
    3. If the property is situated within the limits other than the limits specified in items (i) and (ii)……………………………. Rupees thousand;
    Provided that, if the property is situated in any of the combinations of limits, mentioned in items (i), (ii) and (iii) above the duty payable shall be the maximum of the duties specified in items (i), (ii) and (iii) above.
    (c) Release of mortgage rights or lien Same duty as bond (No. 12) subject a maximum of rupees one hundred
  • In the State of Rajasthan, Article 48 to the Schedule to the Rajasthan Stamp Act, 1998 and the same is reproduced hereinbelow for ready reference:
    48. Release, that is to say any instrument, (not being such a release as is provided for by section 26(2) whereby a co-owner, co-sharer or coparcener renounces his interest, share, part or claim in favour of another co-owner, co-sharer or co- parcener
    (a) If the release deed of an ancestral property or part thereof is executed by or in favour of brother or sister (children of renouncer’s parents) or son or daughter or son of predeceased son or daughter of a predeceased son or father’s sister or son of predeceased brother or mother’s brother or sister’s son or sister’s daughter or father or mother or spouse of the renouncer 1.5 percent of the amount equal to the market value of the share, interest, part or claim renounced.
    (b) in any other case. The same duty as on conveyance (No 21) for the amount equal to the market value of the share, interest, part or claim renounced.

RELEASES & RELINQUISHMENTS FORMATS
Form No.1
Release or Relinquishment of an Interest in Immovable Property

This DEED OF RELEASE/ RELINQUISHMENT is made and entered into at_________ on this ….. day of……… 20. between

Mrs. ABC, W/o_____________, age_______ years, Indian Inhabitant, residing__________at , hereinafter referred to as the “Releasor” (The expression shall unless it be repugnant to the context or meaning thereof, be deemed to mean and include her heirs, legal representatives, administrators, successor, executors, nominees and assigns) of the One Part

and

Mr. XYZ, S/o___________ , age__________ years, Indian Inhabitant, residing__________at , hereinafter referred to as the “Releasee” (The expression shall unless it be repugnant to the context or meaning thereof, be deemed to mean and include her heirs, legal representatives, administrators, successor, executors, nominees and assigns) of the Other Part.

WHEREAS

  • The Releasor and the Releasee, who are mother and son by relation, are joint owners of the immovable property situate at _____________, hereinafter referred to as the “said Property” and more particularly described in the Schedule hereunder written. The Releasor and the Releasee have inherited the said Property from their husband/ father, Late Mr. ________
  • The Releasor does not desire/ wish to have interest or share in the said Property as she is married, well placed in life and she has already received sufficient amounts in different forms from her father and therefore, the Releasor desires to release all her share, right, title and interest in the said Property so as to enable the Releasee to enjoy the same alone or deal with it as he likes.

NOW THIS DEED WITNESSETH that in the premises and out of natural love and affection for her son i.e. the Releasee, the Releasor hereby renounces/ releases and quits claim to all her share, right title and interest claim and demand in the said Property described in the Schedule hereunder written unto and in favour of the Releasee to the intent and purposes that the Releasee will be sole owner of the said Property.

IN WITNESS WHEREOF the Parties hereto put their respective hands the day and year first hereinabove written.

THE SCHEDULE ABOVE REFERRED TO

X X X X X

Signed and delivered by the

withinnamed Releasor…

)

)

Mrs. ABC )
In the presence of… )
1.
2.
Signed and delivered by the )
withinnamed Releasee… )
Mr. XYZ )
In the presence … )
1.
2.

Form No. 2
Release-Deed or Relinquishment-Deed of share in Immovable Property

This Release Deed/ Relinquishment Deed is made & executed at Mumbai on this ____ day of ______________, 20… by Smt. ABC, W/o __________, age ___ years, Indian Inhabitant, holding PAN: ______________, residing at ________, (having 1/4th Share), hereinafter called the “Releasor”

FAVOUR OF

(1) Shri. ___________, S/o _______, age ___ years, Indian Inhabitant, holding PAN: ______________, residing at ________, and (2) Shri. _____________ S/o _______, age ___ years, Indian Inhabitant, holding PAN: ______________, residing at ________, (having 3/4th Share) hereinafter called the “Releasees”.

The expressions the RELEASOR and the RELEASEES, herein used, shall unless it be repugnant to the context or meaning thereof be deemed to mean and include their legal heirs, legal representatives, administrators, successor executors, nominees and assigns of their respective Part.

WHEREAS the Releasor (having 1/4th Share) and the RELEASEES (having 3/4 Share) are the joint owners of Plot of land bearing CTS_________No. , area admeasuring______ Sq. Mtrs. Situated in_____________(hereinafter referred to as the “said Property”) and more particularly described in the schedule hereunder written.

AND WHEREAS the Parties hereto are related to each other as Mother and Sons.

AND WHEREAS the Releasor wants to relinquish and release, disclaim and give up all her right, titles and interests in her entire 1/4th Share in the said Property in favour of the Releasees out of her natural love and affection towards the Releasees being her real sons and without any monetary consideration.

NOW THIS RELEASE DEED WITNESSETH AS UNDER: –

  • That the Releasor do hereby release, relinquish, disclaim and give up all her right, titles and interestsin respect of the said Property in favour of the Releasees absolutely and forever.
  • That the Releasor hereby assures the Releasees that the said share in the said Property, hereby released, is free from all sorts of encumbrances viz. sale, gift, mortgage, dispute, court stay, acquisition, notification etc.
  • That the Releasor now admits that she has been left with no right, title, interest or concern of any nature in the said Property, and the Releasees have become the absolute owner of the same with right to transfer the same by way of sale, gift, mortgage, release, lease or otherwise to the prospective buyers.
  • That this Release Deed shall be binding upon the legal heirs and successors of the Releasor.
  • That the Releasor have executed this Release Deed voluntarily and free will, without any coercion or outside pressure in his/her full sense.
  • That it is agreed by the Parties that it shall be responsibility of the Releasees to bear and pay stamp duty and registration charges on this Deed.

IN WITNESS WHEREOF, the Releasor and the Releasees have executed this Release Deed at the place, day, month and year, first mentioned above, in the presence of following witnesses:

WITNESSES: –                                                                                                                                   RELEASOR

1.

2.                                                                                                                                                          RELEASEE

Form No. 3

Release of a Claim for Maintenance out of a bequeathed Property.

This DEED OF RELEASE is made at_________________ on this___________ day of_________ 20__________ between

Smt. ABC, age____________ years, Indian Inhabitant___________, holding PAN , residing at_____________ , hereinafter referred to as “the Releasor” (which expression shall unless it be repugnant to the context or meaning thereof, be deemed to mean and include her heirs, legal representatives, administrators, successor, executors, nominees and assigns) of the One Part

and

  1. Shri. XYZ, S/o ________, age ___ years, Indian Inhabitant, holding PAN: _________ and
  2. (2) Shri. EFG, S/o _________, age ___ years, Indian Inhabitant, holding PAN ____________, both residing at
    _______________________, hereinafter jointly referred to as, “the Releasees” and individually be referred to as “the Releasee No.1” and “the Releasee No.2”, respectively (which expression shall unless it be repugnant to the context or meaning thereof, be deemed to mean and include their respective heirs, legal representatives, administrators, successors, executors, nominees and assigns) of the Other Part;

WHEREAS-

  • The Releasor is the widow of a deceased son, Shri__________. of the late father of the Releasees.
  • By his Last Will and Testament dated _______________ the father of the Releasees, the Late Mr. ……. had provided for a monthly payment out of his property of sum of Rs. …… by way of maintenance to the Releasor and the said claim for maintenance is a charge on the Property being _______ situated at ________ (hereinafter referred to as the “said Property”) and more particularly described in the Schedule hereunder written.
  • That the said Property has been bequeathed to the Releasees under the said Last Will and Testament dated__________________ .
  • To the satisfaction of the Releasor, the Releasees have made a separate provision for annuity under which the Releasor will be entitled to receive the monthly sum by way of maintenance during her lifetime and in consideration thereof the Releasor has agreed to release the charge on the said Property on the terms and conditions mentioned hereinafter.

NOW THIS DEED WITNESSETH that in the premises the Releasor hereby releases and quits claim to and charge over the said Property, more particularly described in the Schedule hereunder written, freed and absolutely discharged of and from all her right to claim and recover maintenance from the said Property and all her right, title and interest by way of charge or otherwise in or to the said Property whatsoever.

IN WITNESS WHEREOF the Parties hereto put their respective hands the day and year first hereinabove written.

THE SCHEDULE ABOVE REFERRED TO
X X X X X 

Signed and delivered by the )
withinnamed Releasor…. )
Smt. ABC )
In the presence of…. )
1.
2.
Signed and delivered by the )
withinnamed Releasee No.1 )
Shri. XYZ )
In the presence of…. )
1.
2.
Signed and delivered by the )
withinnamed Releasee No.2 )
Shri. EFG )
In the presence of…. )
1.
2.

Form No. 4
Release of a Life Estate created by Trust-Deed

This DEED OF RELEASE is made at ___________ on this ____ day of ______________, 20__ between
Mrs. ABC, W/o/ Wd/o ____________, age ___ years, Indian Inhabitant, holding PAN: ___________, residinat _______________, hereinafter referred to as “the Releasor” (which expression shall unless it be repugnant to
the context or meaning thereof, be deemed to mean and include her heirs, legal representatives, administrators,
successor, executors, nominees and assigns) of the One Part

and

Mr. XYZ, S/o ____________, age ___ years, Indian Inhabitant, holding PAN: ___________, residing at _______________, hereinafter referred to as “the Releasee” (which expression shall unless it be repugnant to the context or meaning thereof, be deemed to mean and include his heirs, legal representatives, administrators, successor, executors, nominees and assigns) of the Other Part

WHEREAS

  • By a Deed of Trust dated the ____ day of __________, _______ made by and between Mr. EFG therein called ‘the Settlor’ of the One Part and (1) Mr. LMN and (2) Mr. PQR therein called ‘the Trustees’ of the Other Part and registered under Document No./ S. No. …. by the Sub-Registrar of Assurances at ……….. on ___________ (hereinafter referred to as the “said Trust Deed”), the said Settlor granted unto the Trustees his immovable property described in the Schedule thereunder written (being the same as described in Schedule hereunder written) To Hold the same unto the said Trustees upon the Trust namely that the net income of the Property shall be paid to his wife (i.e. the Releasor), during her life time and until her death and on her death the said property shall be transferred to the Releasee (Son) absolutely and thereupon the Trust will come to an end.
  • The Releasor desires to surrender her life interest in the said Property created by the said Trust Deed for several considerations moving unto her and on her doing so the said Trustees have agreed to transfer the said property to the Releasee who is the Son of the Releasee.

NOW THIS DEED WITNESSETH THAT in the premises aforesaid, the Releasor hereby releases, quits, surrenders and/ or assigns all that life interest of the Releasor in the said Property described in the Schedule hereunder written, created by the hereinbefore said Trust Deed as aforestated and the income therefrom, to the intent that such interest and claim shall merge and be extinguished and that her entire interest in such property as beneficiary or otherwise shall become immediately vested in title and possession of the Releasee

The Releasor requests/ directs the Trustees under the said Trust deed to act upon this Release Deed. The Releasor has executed this Release Deed voluntarily and at her own free will.

IN WITNESS WHEREOF the Parties hereto put their respective hands the day and year first hereinabove written.

THE SCHEDULE ABOVE REFERRED TO
X X X X X

Signed and delivered by the

withinnamed Releasor

)

)

Mrs. ABC )
In the presence of )
1.
2.
Signed and delivered by the )
withinnamed Releasee )
Mr. XYZ )
In the presence of )
1.
2.

Form No. 5
Mutual Releases (General Clause)

The Parties hereto mutually release each other from all sums of money accounts, actions, proceedings, claims, and demands whatsoever which either of them at any time had or has till this date against the other for or by reason or in respect of any act, cause matter or thing.

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