Need a suggestion on relinquishment or release deed
swetha
(Querist) 07 July 2014
This query is : Resolved
respected sir,
if there are five members in a joint family property and any one of them want to waive away his right over the property to only one person of that family, can he make a release or relinquishment deed, why because i heard that if a person waive away his right it goes to all the other members of the family and he cannot waive away his right to only one person...
kindly suggest me what exactly happens to the property if a person waives away his right in the property
Devajyoti Barman
(Expert) 08 July 2014
Any co-shearer can release his share in property to anyone he chooses. Not necessary to give it equally to all co-sharer.
Anirudh
(Expert) 08 July 2014
The relinquishment cannot be done in favour of any particular person. There should be simple relinquishment. Once such a relinquishment takes place, then the property will be divided amongst the other eligible entities.
Rajendra K Goyal
(Expert) 08 July 2014
Better go for the gift deed of his share in the property.
ajay sethi
(Expert) 08 July 2014
agree with Mr anirudh
swetha
(Querist) 08 July 2014
what is the better option release deed or relinquishment deed.
Advocate. Arunagiri
(Expert) 08 July 2014
I agree with Mr.Anirudh on his point.
Give a gift deed in favour of particular person.
Dr J C Vashista
(Expert) 08 July 2014
I agree with Mr. Devajyoti Barman. The co-sharer can relinquish his/her share in favour of anyone or all co-sharer, it is his/her choice.
T. Kalaiselvan, Advocate
(Expert) 08 July 2014
There is nothing illegal about any person executing a release deed relinquishing his rights in the property in favor of the person of his choice among the co-sharers. The releaser's share of property will subsequently devolve upon the beneficiary in addition to his own share.
Anirudh
(Expert) 09 July 2014
Dear Swetha,
Now you have two sets of answers to your query - sufficient to confuse you. I am sure, you did not ask for confusion.
One should know that there is a vast difference in relinquishing ones share in a joint family property; and in a separate (i.e. non-joint family) property.
Since your query relates to joint family property, I have given you the answer.
If the property in your case is not a joint-family property, then my answer to your query would be that the releasor can release the property to anyone that he/she wishes, but it should be to a person who already has a share in the property.
Dr J C Vashista
(Expert) 10 July 2014
I fully agree with Mr. Anirudh wherein he has clarified the position on the subject matter. I stand with him and appreciate his analytical expertise. I reiterate my opinion.The co-sharer can relinquish his/her share in favour of anyone or all co-sharer, it is his/her choice.
swetha
(Querist) 10 July 2014
sir it is joint family property i need a small clarificaton when i met a lawyer friend he told me if i go for a release deed, for a particular share from a co sharer, if he/she releases the share till will automatically devolve on all the other co sharers and not on a particular person.
kindly suggest me what should i do.
Raj Kumar Makkad
(Expert) 10 July 2014
In the given issue, make a family settlement instead of registering Release Deed.
