Relinquishment Deed Co-owner of property

This query is : Resolved 

Querist : Anonymous (Querist)
17 March 2010

Sir / Madam,

I am the co-owner of a property along with my father & mother. Each has 1/3 share. It is self acquired by us. My parents wish to secure my interst in the said property. Both executed a court registered will naming me sole beneficiary of their 1/3 share.

However wills can be challenged. Theirs leaves nothing to their daughter. Should they execute a relinquishment deed in my favor? Is that doable, legal & would it 100% secure my interested in the said property?

Guest (Expert)
17 March 2010

Will can be revoked at any time.

Relinquishment/settlement of their rights in favour of you is the best option.

Querist : Anonymous (Querist)
17 March 2010

I have following follow-up questions:

(1) Are Relinquishment/Settlement/Gift deed the same? If not then which is best suited in my case. Remembr I am one of the co-owners

(2) Stamp duty implications?

(3) Can Relinquishment/Settlement be revoked by executor or challenged by my sister after a parent passes away?

Id appreciate ur response, thanks.

B K Raghavendra Rao (Expert)
17 March 2010

(1) Relinquishment/Settlement/Gift deeds are not same. They have different meaning under different circumstances and gave their own legal significance.

(2) Stamp duty is state controlled and therefore, you need to look into the stamp duty leviable in your state. Normally it could be same as applicable to conveyance to the extent of share of the executors.

(3)Bonafide Relinquishment/Settlement deeds once registered cannot be revoked by the executor and it is very difficult to be challenged by your sister whether during the lifetime or after of your parents.

raj kumar makkad (Expert)
18 March 2010

In the given quarry, it is best to get executed Relinquishment deed from your parents. Relinquish means they left their share for ever in your favour so there is no possibility of its subsequent cancellation and challenge by any one at any stage. Once it is registered, you immediately become owner of their share. No stamp duty is required to be levied in such deed and only a nominal stamp duty of rs. 100/- is required in various States as it is a family matter.

Querist : Anonymous (Querist)
18 March 2010

Thank You All.

Should I consider getting a GPA in addition to the Relinquishment deed?

Querist : Anonymous (Querist)
29 March 2010

Dear Mr. Makkad,

Im afraid I approched a lawyer and have been advised that only gift deed can be done and a 5% stamp duty applicable.

Relinquish and Rs. 100 stamp paper is done only in cases of ancestrol property. My case involves self acquired property by me & 2 parents.

Your thoughts please?

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