What is procedure for creating a release deed?

By way of registered Release Deed, stamp duty paid.....

No tax liability arises when the deal is between mother and son.

Where and what is the procedure to create the Release Deed? Whom should I contact?

It is just one type of legal document..... can take service of any local lawyer........

Draft documents are available online, for reference.....

Thank you very much.

Most Welcome...

Dhirajlal-ji, Can you help me in my other query?

https://www.caclubindia.com/forum/online-interest-calculator-452940.asp

Interest is calculated every quarter, and added to Principal.......

For incomplete quarter....... it is calculated for number of days of the quarter.

There is no formula for yearly calculation, but gets simplified when added for each quarter!!

& finally, bank calculate the same every quarter, add interest to principal, after deducting TDS, (if applicable) & finally give you statement with Form 16A for every quarter completed........

Thank you Dhirajlal-ji

My Pleasure..

DEAR SIR,

A PERSON RECEIVED SUM OF AMOUNT 17.50 LAKHS FOR THEIR  PORTION OF ASSET SALE (HOUSE & PLOT) FROM ANCESTRAL PROPERTY AFTER DEMISE OF THE OWNER, THROUGH LEGAL HEIRS). HOW TO CALCULATE CAPITAL GAIN FOR THIS?

PLESE SUGGEST.

17.50 L is sale value......... deduct sale expenses, if any.........

Being ancestoral property, get valuation of the property as on 01.04.2001 from Govt. approved Valuer......... index it to the CII as of date (i.e. by 2.72)........ that will be the  indexed COA.....

Deducting the second value from sale value will give you LTCG........  Divide it as per individual shares of the heirs.

17.50 LAKHS IS THE SHARE AMOUNT OF THIS PERSON ONLY.TOTAL AMOUNT IS 87.50 BY 5 PERSONS , THERE IS NO OTHER INCOME FOR THIS PERSON.SALE DOCUMENT WAS EXECUTED ON 06.11.2017 SIR. (LAND -7863305/- +BUILDNG-886695=8750000/-)

Calculate LTCG of the property as a whole, by taking sale value as 87.5 L

The total capital gains so arrived is to be devided into 5 shares....... will give individual LTCG.

Reduce the gain upto utilized portion of basic exemption limit & exemption claimed if any...... to finally arrive at taxable CG.

THANKS VERYMUCH FOR YOUR KIND REPLY SIR