Relinquishment deed for mutation
abhinav
(Querist) 05 September 2012
This query is : Resolved
I own a joint property in Ghaziabad which is mutated in my name and 3 of my cousin brothers. Through a family settlement they have surrendered their share in this property and given me full ownership. However, I have not got a relinquishment deed from any of them yet and the revenue records still shows all our 4 names as joint owners.
I would like to get the property mutated in my name only. Can I get it done based on a relinquishment deed only. Will I have to show any consideration although there has been no monetary transaction between any of us. What other documents will I need to get the property mutated in my name only. Please advice.
Thanks,
Abhinav
sanjeev murthy desai
(Expert) 05 September 2012
You can also get mutation with NoCs from the brothers however it does not secure you as an absolute owner. It is advisable to get such rights under any registered deed.
abhinav
(Querist) 05 September 2012
Do you mean a registered relinquishment deed? If so, then would I be able to mutate the property in my name only? Does the relinquishment deed have a deadline or is it time barred? Please advice
sanjeev murthy desai
(Expert) 06 September 2012
Release Deed/ Gift Deed whatever you want just get it done and such documents does not have any time frame for that.
abhinav
(Querist) 06 September 2012
Dear Mr. Desai,
Thank you very much for your prompt response. I just learnt that a reqlinquishment deed can only be executed after the death of the owner of the property. Is that correct? Can a relinquishment deed be executed with the other shareholders still alive? Will I have to pay any stamp duty for the same?
Someone was also mentioning about a release deed with a small stamp duty. What is the difference between a relinquishment deed and release deed and how can I get the property mutated without any cosideration.
Thanks,
sanjeev murthy desai
(Expert) 06 September 2012
Dear Mr. Abinav,
When the joint ownership existence with respect to the property then only co-owner can release/gift his rights in favour of other co- sharer. There is no difference between release and relinquishment both are same.
With respect to stamp duty concern every state has difference and precise stamp duty. Please check your state stamp duty.
In my view stamp duty over release or gift with in family is very nominal. With in family there is no need any consideration and love and affection is considered as consideration.
I hope query is resolved
Regards
Sanjeev
prabhakar singh
(Expert) 06 September 2012
YES!YOU HAVE RESOLVED THE QUERY IN MY VIEW.
