Transfer all rights and interests in the property

Pravas (Querist) 08 August 2013 This query is : Resolved
Hello Members
I am a businessman by profession and we are two brothers and my father has purchased a shop situated here in Delhi in our names.My younger brother is not well to do and that is the reason I want to get the shop transferred in my favour as per the verbal family settlement against the monetary consideration to my younger brother.Someone has suggested me to have a relinquishment deed in my favour by my younger brother.I have no idea about Relinquishment deed and I have few contentions in this regards:-
1.What is relinquishment deed and is it ok to have a relinquishment deed in my favour by my brother?
2.will any rights of my younger brother in the shop arise after the relinquishment deed?
3.Can he or his legal representatives in future claim the said property after the execution of deed?
4.Is it sufficient to get the relinquinshment deed executed in my favour or other best possible ways are available so that I can not have to face legal challenges in the property in respect of my title,interests,rights in the same.

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Devajyoti Barman (Expert) 09 August 2013
1. No need for relinquishment deed. Get a gift deed in your name.
2. No
3.No
4.option no.1.

Sri Vijayan.A (Expert) 09 August 2013
1. When more than one person own a property and when one of the owners do not want to have a share in the property, he can relinquish his share and interest. Or he can sell/ gift his share to another person. In case of relinquishment, his share shall pass to other owners.
In light of the above, the relinquish deed is the correct choice for the present query. Relinquish deed is also called as Release deed.
2.No
3. No. However, get the sign of his wife and/or your father as attesting witness of the release deed.
4. Mere execution shall not suffice. The deed has to be registered in the SRO. Then only it is valid. The fee and duty for this deed is less.