Legal Question in Real Estate Law in India
Relinquishment of property share without paying Stamp duty again
Myself & my dad own a property in Delhi Jointly. No shares are mentioned in the Sale deed (Registry).
All the money for purchase of above property was paid by my dad. I want to relinquish( or gift) my share in property that I own jointly with my dad to my dad.
What process is required to make my dad the complete owner of this property & at the same time without getting registry done again so that we can avoid paying stamp duty for Registry?
8 Answers from Attorneys
Re: Relinquishment of property share without paying Stamp duty again
relinquishment deed on Rs. 100 non-judicial stamp paper and duly registered.
registration charges will be nominal!
Re: Relinquishment of property share without paying Stamp duty again
it may not fall under family settlement - but there can be release deed executed by you in favour of your father! - only registration duty applies - it will not be on the value of the property.
Re: Relinquishment of property share without paying Stamp duty again
after the new taxation policy the settlement deed in favour of close relatives the maximum value is just 10,000/- irrespective of the value of the property.
but check it out with the delhi registration department!
it needs careful drafting. call upon a lawyer!
Re: Relinquishment of property share without paying Stamp duty again
what do you want to do - settle the property or relinquish your right over the property - family arrangement would not apply in your case?
consult a lawyer!
Re: Relinquishment of property share without paying Stamp duty again
You can relinquish your share by executing and registering a deed of release and relinquishment. However, the deed requires careful drafting to avoid payment of stamp duty.
Re: Relinquishment of property share without paying Stamp duty again
Execute and register relinquishment deed in favour of your father. It requires nominal fix stamp duty. Non mentioning of shares mean both have equal share.
Re: Relinquishment of property share without paying Stamp duty again
A family settlement and relinquishment deed shall be executed beside other legal formalities for getting the transfer effected.Contact with details.
Re: Relinquishment of property share without paying Stamp duty again
Whether your purchase deed specify that all the money had been paid by your dad? What has been shown in the respective income tax returns/accounts?
You need to assess all the facts with the help of a lawyer and C.A. and then finalise.
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