Relinquish Right
Bipin
(Querist) 30 January 2011
This query is : Resolved
I and my brother possess ownership flat in mumbai jointly and in the said flat i am living with my family, brother is staying with his family in other property held by him. Now my brother wants relinquish his right in my favor for the said flat hold by both of us jointly. My question is what document my brother has to prepare and is there any tax by way of stamp duty, registration or income tax should have to pay? and if yes, what is the rate/amount and who has to pay?
adv. rajeev ( rajoo )
(Expert) 30 January 2011
your brother has to execute rights relinquish deed. REgistrtion fee is very megre. Make an inquiry in the sub registrar office because you will have to pay the stamp duty as per state stamp act.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 31 January 2011
If it is co op society in Mah just approach managing body and with a resolution you can change ownership.
M V Gupta
(Expert) 01 February 2011
As both of u are jointly owning the Flat, it would be necessary for your brother to execute and register a rlese deed relinquishing his rights in the property in your favor. The Stamp duty will be only Rs. 200/- under Article 52 of the Bombay Stamp Act. Even if the flat is in a cooperative housing Society, it would be advisable to execute and register the release deed as your btother's rights in an immovable property are extinguished. Such an extinguishment can take place only by a written instrument duly registered.(Cf. TP Act. No other tax or duty, apart from the stamp duty and registration charges, are payble.
Ahmed Daud Girach
(Expert) 02 February 2011
Agree with Mr.Gupta.i appreciate his reply.
Bipin
(Querist) 22 February 2011
what will be the amount of stamp duty?
