Sale of property

Querist : Anonymous (Querist) 02 February 2025 This query is : Resolved
We are four siblings who have recd fathers a plot with three shops built on it in a town in karnataka. . Want to sell the same . I donot want to be a party and claim my share from the sale . So I can simply sign during sale deed and restrain from taking the amount or do I need to execute a gift deed or relinquishment deed in favour of any one or all other three siblings . If I have to execute gift or relinquishment deed which will be less expensive and cumbersome .

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Four siblings have inherited a property with three shops in Karnataka. One sibling wishes to forgo their share of the sale proceeds. The consensus is that executing a registered relinquishment deed in favour of the other siblings is the most cost-effective and straightforward method. This legally transfers the individual's rights to the property, allowing the sale to proceed without their claim on the funds.

T. Kalaiselvan, Advocate (Expert) 02 February 2025
If you don't want to claim any share in the property then you can execute a registered release deed relinquishing your rights in the property thereby your share of property will devolve equally on other shareholders.
You can enquire about the stamp duty payable in the local registration department.

Advocate Bhartesh goyal (Expert) 02 February 2025
Yes, if you don't want to get share in property then you can execute a registered release deed in favour of your any or all siblings relinquishing your share in property. Executing release deed will be less expensive than gift deed.

kavksatyanarayana (Expert) 02 February 2025
Suppose you feel like paying the stamp duty when you are not interested in getting property. In that case, you can execute the sale deed with your siblings without their consideration.

Dr. J C Vashista (Expert) 05 February 2025
It is better to execute a registered relinquishment deed in favour of other siblings.

P. Venu (Expert) 06 February 2025
Yes, the better option is to execute relinquishment deed.

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