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Attention: File MGT 7/7A by Nov 29 to stay penalty-free! Talk to our expert

FAQ's on Relinquishment Deed

No. A relinquishment deed does not sell property. It transfers ownership of a share in a co-owned or inherited property to another co-owner or heir. It essentially allows you to give up your claim on the property. While this may simplify the sale process for the remaining owners, it does not constitute the actual sale itself.
The main purpose is to transfer ownership of a share in a property. This can be useful in various situations, such as:

  • Simplifying co-ownership: One co-owner can relinquish their share to another, consolidating ownership.
  • Inheritance settlement: Heirs can relinquish their share to simplify inheritance distribution.
  • Gift of property: A co-owner can relinquish their share as a gift to another.
    • This is the specific process of using a relinquishment deed to give up your claim on inherited property to another heir. This can be done for various reasons, such as financial difficulties, lack of interest in the property, or to achieve a desired inheritance distribution.
  • Simplifies ownership: It clarifies ownership and avoids future disputes.
  • Faster property transactions: It can expedite the sale or transfer of property.
  • Tax advantages: In certain situations, it can offer tax benefits
  • Gifting flexibility: It allows for gifting property without a formal sale.
    • Generally, no. A relinquishment deed is typically a voluntary act without any financial exchange. However, there can be exceptions in specific situations, like relinquishing a share in exchange for a different property or taking care of the relinquisher's expenses. It's crucial to consult a legal professional to ensure the deed complies with applicable laws and regulations.
    Yes, relinquishment deeds attract stamp duty in India. The stamp duty rate varies from state to state, but it is typically between 1% and 6% of the market value of the property.
    The relinquishment deed must be signed by the following people:
  • The releasor, who is the person who is giving up their rights to the property.
  • The releasee, who is the person who is receiving the property.
    In some cases, two witnesses may also be required to sign the deed.
    • If you need to cancel a relinquishment deed, you will need to approach the sub-registrar's office where the deed was registered. You will need to submit a cancellation application and pay the applicable fees.
    According to the bank, a mortgaged property cannot be abandoned; instead, the property must first be released with the consent of the appropriate authority before being remortgaged with a new owner. Nevertheless, this would result in significant additional costs for us in the form of stamp duty.
    According to Section 17 of the Registration Act of 1908, any instrument that transfers or extinguishes any right, title, or interest in real property must be registered in order to be legitimate, hence an unregistered relinquishment deed is not acceptable.

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