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joydeep (Manager)     15 December 2009

Relinquishment of house property

Property purchased by father and son by following contribution: Father's personal saving- Rs. 12.00 lac Bank Loan taken by son with father as co applicant: Rs. 6.00 lac. As per Deed, property is jointly owned by father and son, however share of ownership is not mentioned in the deed. After repaying the loan taken from bank, son wants to transfer his portion of share to father> 1) Whether to execute deed of Relinquishment or Gift deed? 2) Whether payment of registration charge and stamp duty depend on proportionate value of property (son's share on property)to be transferrred? 3) In case no explicit mention of son's share in property, whetehr share to be determined as per proportion of finance ( i.e. 6.00 lac of total 18.00 lac i.e 1/3)?


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 1 Replies

Gundlapallis (Advocate)     15 December 2009

A relinquishment deed in favour of father by the son is enough if the property is registered in the name of the father or jointly on both of them.  If the property is registered solely in the name of the son then a Gift deed shall be made.


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