Relinquishment deed

Ritu Jain (Querist) 22 August 2014 This query is : Resolved
i have a shop in delhi, i stay in patna. i want to transfer this property to my grand son can this be done thru a relinquishment deed ? what are the ways to transfer this property to his name kindly advise.

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ADV-JEEVAN PATIL, MUMBAI (Expert) 22 August 2014
1) yes
2) Will will be more appropriate rather than transfer n incur charges

Advocate. Arunagiri (Expert) 22 August 2014
Settlement deed can be registered in favour of your grand son.

Take the help of an advocate for drafting the document.

Anirudh (Expert) 22 August 2014
Relinquishment of a property by one person in favour of another is possible ONLY WHEN the other person also has interest in the property. Otherwise relinquishment cannot be done.

In your case, your grand child does not have any interest in the shop at present. Therefore, you cannot make relinquishment of the same.

However, you can gift the property (THIS WILL INVOLVE STAMP DUTY ON THE BASIS OF THE VALUE OF THE SHOP)

Otherwise, you can give the property to your grand child through WILL. The WILL will come into effect only after your life time. The WILL can be changed many times by you, in case the situation changes.

Devajyoti Barman (Expert) 23 August 2014
In this case you can gift your grandson, no need for relinquishment.

Mr Arunagiir's suggestion for family settlement deed is no doubt a good option.

ajay sethi (Expert) 23 August 2014
execute gift deed in favour of your grand son . no relinquishment deed can be made

prabhakar singh (Expert) 23 August 2014
TRUE THAT RELINQUISHMENT DEED IS NOT POSSIBLE
AS YOUR GRAND SON HAS NO CO-INTEREST IN THE SHOP ALONG WITH YOU.

IF YOU WANT TO QUIT OWNERSHIP IN HIS FAVOR JUST DURING YOUR LIFE TIME THEN REGISTERED GIFT DEED IS BEST OPTION.
IN CASE YOU WANT TO MAKE HIM OWNER AFTER YOUR LIFE WILL IS THE ONLY OPTION.

Rajendra K Goyal (Expert) 23 August 2014
Either gift or will, as you choose. Agree with the experts.

T. Kalaiselvan, Advocate (Expert) 27 August 2014
You have an option of transferring the same immediately by a registered settlement deed or registered gift deed, for deferred conveyance, a Will bequeathing the property on his name can be option.

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