Rajesh kumar (self employed) 13 March 2011

transfer of rights between co-owners

Hi,

Two brothers are co-owners in a property in haryana, which is self acquired. One of the co-owner, who is moving out of country wants to transfer his right and share to other brother. Is it possible to do that thru relinquishment deed? OR should it be done thru gift deed? what would be stamp duty and registration fee applicable? there is no consideration involved. please advise. Thanks

Also the property has a house loan running in the name of both brothers.

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4 Replies

adv. rajeev ( rajoo ) (practicing advocate) 13 March 2011

yes relinquish deed can be made. For the registration of the RR deed you have to refer the state stamp act.

Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer) 13 March 2011

If the relinguishment is without consideration, it can be done paying a nominal stamp duty. If the relinguishment is done accepting a consideration/compensation, it will be considered as a transfer and stamp duty as applicable for transfer between unrelated persons will have to be paid.

This is as per recent Mumbai High Court judgments. You will have to check what is the law in Haryana.

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Rajesh kumar (self employed) 14 March 2011

I was told that relinquishment deed is applicable for only inherited property and not for self acquired property. please advise.

Rajesh