Procedure to Release

YOU AND YOUR NEPHEW JOINTLY OWN THE PROPERTY AND COMPLETE SALE OF THAT PROERTY CAN NOT TAKE PLACE UNLESS YOU JOIN AS SELLER WHICH YOU CAN DO BY GETTING EXECUTED A REGISTERED POA IN FAVOUR OF YOUR NEPHEW GIVING POWER TO SALE AND REALISE SALE PROCEEDS ON YOUR BEHALF. COST DIFFERES FROM STATE TO STATE.MAY B 5K INCLUSIVE OF ALL.

BUT IF GO TO WRITE A RELEASE OR SURRENDER IT WILL AMOUNT TO A SALE FOR WHICH YOU SHALL HAVE TO GO TO CALCUTTA AND STAMP DUTY SHALL BE CHARGED ACCORDING VALUE OF YOUR SHARE MUCH MUCH COSTLY THAN YOU IMAGINE.

thanks, but  I am told for getting power of attorney registered i have to pay stamp duty as applicable for sale of property, moreever any proceeds will be considered as capital gain in my hands and i have to pay applicable Income tax on that.How to avoid this, more ever if possible i would like avoid visiting Kolkata.

1. I want to relinquish/surrender my share of my mother's property. What is the best way to gift my share to my deceased brother's son, without any consideration?

2. If I can somehow gift the property to him, he will become free to sell it, without requiring a POA from me. He will also become free to buy a place for himself without any further hassles.

since he is your closed relative in my opinion power of attorney with right to sale should not attract stampduty as on a sale deed. i am from up and a koltta person would be fit one to speak as land legislations are in state list of constitution,states are free to legislate their own way. and mostly no uniformity is found among different legislations.However,GIFT is stamped as a saled deed so no scape there.

One idea may prevail for relenquishment/surrender that your nephew files a suit claiming his exclusive right over property in question either claiming relenquishment or surrender or adverse possession or even via will from your mother(whichever option possible there from these3) and serves a notice of suit via court on you where after you put appearence in the court and admit his suit claim then a decree shall be passed in his favour by the court that he is ex clusive owner of the property to the exclusion of yours' and then he would be able to sale it alone and no tax incidence will be attracted to you.But certainly you will have to visite once there in kolkota court to admit his exclusive right setup in suit about property under discussion..