K (N/A) 09 June 2014
Dear Sirs/Madam,
My sister and I are the only legal heirs to my deceased mother's property in Cherpu, Kerala
I would like to relinquish my rights to my sister for a compensation.
Should I produce the original house documents in order to Relinquish my rights?
My sister is in possession of the originals and she lives outside India
Kindly advise, Is a notorized copy sufficient?
Thanks
Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 09 June 2014
Not required any original papers. Relinquishment of right in immovable property also needs to be done only through a written document called “Deed of Relinquishment” which must be signed by all the parties, witnessed by two witnesses and must be registered. Unlike gift relinquishment does not enjoy tax benefits and is taxed for capital gains.
Laxmi Kant Joshi (Advocate ) 09 June 2014
K (N/A) 10 June 2014
Dear Sirs,
Thank You for your replies.. Will I still be taxed under capital gains - if it is considered a gift from a blood relative (own sister)?
Is it not100% exempted as "Gifts received by Inheritance or by Will" ??
Should I mention the fair value on the Relinquishment Deed? Will I be taxed on that? Or as this transaction is between blood relatives, can I omit it?
Awaiting your response.. Thank you
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