Transfer of self acquired property to son

Querist : Anonymous (Querist) 20 January 2011 This query is : Resolved
Respected Lawyers,

I have a house as co-sharer in my name and my elder sons name, in faridabad, haryana. That is our self acquired property and now in my life time i want to transfer my complete share to my elder son only. Please let me know how i can do it very economically and at a least cost, please tell me the modes of transfer of this house to my son in my life time.

Some one told me to execute relinquish deed in favour of my son but one advocate told me that relinquish deed can be execute in matter of ancestral properties only and it does not applies to self acquired property.

Pls guide me........ thanks in advance

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A V Vishal (Expert) 20 January 2011
You can execute either a gift deed or a relinquishment/release deed in favour of your son. There is no hard and fast rule that relinquishment is in case of ancestral property even self acquired property can be relinquished. Regarding the rate of stamp duty you contact the local registration office at Faridabad.

Adv Akhtar Ali Sheikh (Expert) 20 January 2011
you may do so by making a gift deed of your undivided share in the proeprty and duly registering it or by Release Deed, you have to check up stamp duty factor in Maharashtra duty is less on gift deed.

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