Relinquishment of joint ownership
Good People
(Querist) 20 June 2012
This query is : Resolved
My mother, my brother and myself recently bought a residential property in Gurgaon/Haryana jointly. Now, both of them want to relinquish their share in the said property in my favour. What is the procedure and cost involved in getting a RD executed for the same. Kindly advice. Thanks
R.K Nanda
(Expert) 20 June 2012
Both of them execute RDEEDS in ur favour.
Good People
(Querist) 20 June 2012
Sir, someone told me that Relinquishment Deed is possible only in the case of ancestral property and not for a property purchased by people jointly. Is that true?
Anirudh
(Expert) 20 June 2012
No, that statement is absolutely wrong. The release deed / relinquishment deed can be given a party who is having interest in the property, and only to that party which is also already having an interest in the said property. The relinquishment of interest cannot be done in favour of a third party (stranger) who does not already have an interest in the property. In such a case, the same will become a GIFT DEED and not a Relinquishment Deed.
Good People
(Querist) 20 June 2012
Thank you Mr. Anirudh.
So, if it's to be an RD each that I need to get executed, can I get a ratification from you of the cost involved in the same?
Will it be a nominal amount - since we just paid stamp duty on execution of the Sale Deed - or will we need to pay stamp duty all over again?
Shonee Kapoor
(Expert) 21 June 2012
Relinquishment deed can be made in regard of any property in which the other person who has interest in the said property.
The only thing is that it should be registered and duly stamped.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
