Relinquishment deed vs gift deed
sensitiveman
(Querist) 14 September 2012
This query is : Resolved
Dear Ld. experts,
My father and myself acquired a property. We are joint owners and I want to relinquish or gift my share to my father. Now, pls explain what is the difference between relinquishment deed and gift deed. As per my knowledge, both deeds need to be registered but i wanted to know that whether stamp duty rates are same for both type of deeds. Also, guide me which type of deed should be favourable in my case in order to have lower registration cost.
Thanks in advance.
ajay sethi
(Expert) 14 September 2012
gift deed attracts around 2%stamp duty . relinquishment deed attracts nominal stamp duty . check your local stamp act
sensitiveman
(Querist) 14 September 2012
Thanks a lot Mr.Ajay for your guidance. Our property is in Thane (Maharashtra) so do you have any details of the local stamp act in this area and whether relinquishment deed is appropriate in my case.
ajay sethi
(Expert) 14 September 2012
IN MAHRASHTRA you are governed by provisons of Bombay stamp act . for giftt stamp duty is 2%. for relinquihsment deed in case you have relinquished in favour of brother , sister or children then it is nominal .
