VJVJVJVJVJ (Professional) 20 November 2011

Property

I have a ancestral property in my native jointly in the name of me and my sister. I want to give that property fully to my sister. I am married and I do not want to give any share in that property to my wife and out of love and affection and as rememberance of my parents I want my sister to be complete and sole owner of the property. Please let me know which is the best way to do that. Presently it is in joint name of me and my sister. Is it best to give by way of gift deed or by way of relinquishment deed? Whether the deed needs to be registered and stamped? If yes, which is the cheap mode of stamp duty, gift of relinquishment.

Reply Follow

5 Replies

Sandeep Bhargava (Advocate & Notary) 21 November 2011

yes registration of relinquishment deed is mandatory

Advocate Vishnu (Advocate) 21 November 2011

It depends on how the ancestral property devolved on you in the first place (Father,mother,grandfather or grandfather)...?

The second aspect is - your legal heirs ie : your children

The third aspect will be the religion you profess.

VJVJVJVJVJ (Professional) 21 November 2011

It was constructed by my father 18 years ago out of the homeloan. After my father death, it was jointly with my mother, me and my sister 15 years ago. After death of my mother 5 years ago, it is jointly with me and my sister. We are Hindu. Now (1 year ago) I am married but dont have any children. My marriage happened long after the property rights were vested in me and my sister.

Advocate Vishnu (Advocate) 21 November 2011

In your case , you have clear title to gift the share in your property to your sister and your wife cannot question the tranfer at any time in future.But always remember - once you decide to relinquish your rights , you cannot revoke the same in future.