sundar (Executive) 15 June 2010

Relinquishment

Sir,

My Grandfather has the possession over the property by my Grandma's Will (and) property tax also in his name.

In 1996, he renounced the life and became a Monk in a Monastery.

Now he wants to relinquish his remaining life interest ( which is attained through the Will ) to me.

I am already an Ultimate beneficiary as per my Grandma's Will.

Shall I accomplish my Grandpa's desire through the Deed of Relinquishment?

I require the Rate of Stamp duty & Registration Fee details.

kindly clarify it.

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3 Replies

unique horn (self) 15 June 2010

It differs from state to state, please mention where the property located. In tamilnadu its 2% of market value. (1% Rate of Stamp duty & 1% Registration Fee)

sundar (Executive) 20 June 2010

Sir,

Thank you very much for your kind response.

I am in Tirunelveli.

A Document Writer said...

" Settlement is the best way. It needs 1% of Stamp duty.

But Release Deed needs 8% of Stamp-duty and It is only possible between coowners.

And Life Interest holder shall not release his life interest to the Vested Reminders through Release

Deed."

But I thought that the Relinquishment is the best way to approach.

I expect your reply.

Thanking you.

unique horn (self) 21 June 2010

Yes, he is right . Get the property by a settlement (gift) deed which is just 1% stamp-duty and 1% reg.fee . Release or relinquishment don t apply to your case. thank you.