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VENKATESH HEGDE (Querist) 26 May 2014 This query is : Resolved
Respected Members,

I had purchased a property (House) in 2012 and i have made my father as co-owner. Now i want to make my wife as Co-owner instead of my Father. My father is ready to release the property by way of release deed or gift deed. which one is the better option? Please give your opinion.

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Sankaranarayanan (Expert) 26 May 2014
go with gift deed

VENKATESH HEGDE (Querist) 26 May 2014
can doughter-in -Law is coming under family ?

ajay sethi (Expert) 26 May 2014
relinquishment deed attracts nominal stamp duty

Guest (Expert) 26 May 2014
I go with the opinion of Shri Ajay Sethi.

Guest (Expert) 26 May 2014
Mr. Venkatesh,

Do you feel your wife (daughter-in-law of your father) is not a family member?

Rajendra K Goyal (Expert) 26 May 2014
Go with the relinquishment deed or gift deed.

VENKATESH HEGDE (Querist) 26 May 2014
Agreed. But if my father release the property through relinquishment how can i include my wife name as co- owner? here my father relinquish his right only. How can i inclde my wife name as co-owner? If it is in Gift deed I can.

Guest (Expert) 26 May 2014
He can relinquish his right in the share of property in favour of your wife through relinquishment deed or can gift his share to her through gift deed.

Rajeev Kumar (Expert) 26 May 2014
Relinquishment deed is the best option

Sudhir Kumar, Advocate (Expert) 27 May 2014
already advise well.

malipeddi jaggarao (Expert) 27 May 2014
Gift deed is the best option.

VENKATESH HEGDE (Querist) 27 May 2014
Thank you all for your comments. Here Me and my father are the Co- owner. So as in relinquishment only legal heir or co-owner can relinquish their share to another co-owner. here my wife is third party. So gift deed is the better option . Again THANKS FOR YOUR VALUABLE SUGGESTION

Guest (Expert) 27 May 2014
You are welcome.

T. Kalaiselvan, Advocate (Expert) 29 May 2014
To clear all ambiguity, it is better that your father executes a registered gift deed in favor of your wife to the extent of his share in the property, this will solve all the issues.

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