Relinquish deed or quit deed
Vipul
(Querist) 04 August 2013
This query is : Resolved
Hi,
Background:
We (I and my Brother) have added our parents in our property deed while buying our home. We also took home loan to complete the transaction. We did not provide any financial documents for our parents. Our parents are staying with us.
Query:
Our parents wants to offer the title back to both of us. Which deed should we opt for where the ownership gets transferred to us. Also we have paid the full stamp duty and VAT while buying the property so do we really have to pay these duties and taxes again.
Appreciate your response.
Anirudh
(Expert) 04 August 2013
It will be relinquishment deed.
prabhakar singh
(Expert) 04 August 2013
relinquishment deed or release deed or Quit deeds are matter of nomenclature as all convey same meaning.
R.K Nanda
(Expert) 04 August 2013
execute relinquishment deed.
Vipul
(Querist) 04 August 2013
Do we have to pay any taxes or stamp duty in that case.
ajay sethi
(Expert) 04 August 2013
stamp duty would be nominal as your parents are relinquishing title in your favour . have the deed duly registered
Devajyoti Barman
(Expert) 04 August 2013
yes , you would be required stamp duty which varies from state to state.
