Partition of property family settlements (relinquish)
Deepak sharma
(Querist) 07 January 2017
This query is : Resolved
Here the property in question is inherited property (After father demise)
1. So if there are 3 co-owners in the property and one of them relinquish his/her right then other two co-owners will have equal rights in the property post the transfer invite no stamp duty like 7 % (state wise)
2. However if So if there are 3 co-owners in the property and one of them relinquish his/her right only in one co-owners favour transfer invite stamp duty like 7 % (state wise)
This mode is highly used in family settlements where the property is co-owned by many legal heirs and one or few of them wish to release the right in favor of others for or without any consideration.
Here above both the conditions are true.
Please advise.
kavksatyanarayana
(Expert) 07 January 2017
you posted (1) So if there are 3 co-owners in the property and one of them relinquish his/her right then other two co-owners will have equal rights in the property post the transfer invite no stamp duty like 7 % (state wise): Then it requires less stamp duty as per that State amendment.
(2)However if So if there are 3 co-owners in the property and one of them relinquish his/her right only in one co-owners favour transfer invite stamp duty like 7 % (state wise): No. one of them relinquish his/her rights only in favour of all others. or two of three can relinquish their rights in favour of one of them. But out of 3, one cannot relinquish rights only in favour of one person.
If the property is co-owned by many legal heirs any of them can relinquish their rights to the remaining legal heirs without any consideration. though it requires stamp duty.
Deepak sharma
(Querist) 07 January 2017
Sorry Sir I didn't get.
Thank you sir for prompt reply
Let ask this question in other way
Suppose their are 5 legal heir if any one legal heir relinquish his right (give his share) to only one particular person. Is it possible in the eye's of law.
If possible then it requires full stamp duty like 7% (vary from state to state)or less stamp duty as per that State amendment.
Please advise
P. Venu
(Expert) 08 January 2017
Why 'if' and 'suppose'? Is this a real time query?
Kumar Doab
(Expert) 08 January 2017
Mr. kavksatyanarayana has explained;
'But out of 3, one cannot relinquish rights only in favour of one person.'.
Rajendra K Goyal
(Expert) 08 January 2017
How are you concerned?
Whether it is a moot court problem or actual?
Deepak sharma
(Querist) 08 January 2017
Respected lawyers, this is a real problem.
Actually in my case we are three brother and one mother and one sister.
My sister wants to relinquish her share in favor of one brother?
Is it possible?
if possible then it requires full stamp duty like 7% (vary from state to state)or less stamp duty.
I need your help.
Thanks,
Rajendra K Goyal
(Expert) 09 January 2017
She can gift it to brother, stamp has to be paid as per state rules.
Kumar Doab
(Expert) 09 January 2017
You may visit thread with title;
"Can a relinqueshment deed be executed in favour of particular co-sharer............"
at:
http://www.lawyersclubindia.com/experts/Can-a-relinqueshment-deed-be-executed-in-favour-of-particular-co-sharer-627876.asp
and download the judgments as well.
Kumar Doab
(Expert) 09 January 2017
Pursue state rules for duty and other charges.
Local counsel in the state can help you.
