Reliquinsh deed between the owners

Adv Umale Ganesh (Querist) 21 June 2022 This query is : Resolved
whether the relinquishment deed be valid if it's made in favor of a joint owner who had purchased the property as a relatives

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A relinquishment deed between joint owners is generally valid, allowing one owner to transfer their rights to another. However, if the property was jointly purchased, one co-owner cannot simply relinquish their share; it would be treated as a gift and attract gift deed stamp duty. If the property was inherited, relinquishment is typically permissible. Stamp duty rates vary by state and depend on whether shares are specified.

kavksatyanarayana (Expert) 21 June 2022
Yes. The joint owners may relinquish their rights over the property to one of the joint owners. And if there are two joint owners of a property, then one person may relinquish his rights to the other person. But the stamp duty on equal shares if the shares of the joint owners are not mentioned in the sale deed. I think you know that the stamp duty varies from one state to another state.

Advocate Bhartesh goyal (Expert) 22 June 2022
No, one of the joint owner can relinquish his share and rights to other joint owner if the property is inherited by both of them else if they purchased jointly then one of co owner has no right to relinquish his share and rights to other co owener, in that situation document will be treated as Gift deed and has to pay stamp duty on Gift deed.

Pradipta Nath (Expert) 22 June 2022
Purchased property rights cannot be relinquished. It can only be donated, if wanted to.

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