I am my father are joint owners of a property in Belapur which we purchased in 2010. I am the first owner with 50% rights and he is the second owner with remaining 50% rights. Now however due to financial and personal reasons he is purchasing my 50% share and I have no problem in making him the sole owner of the above property. Now as per my understanding we need to calculate the value of the property through the ready reckoner. Here please will you guide us to the amount we need to pay as stamp duty and registration for transfer of my 50% share. Are both these amounts halved? Also what is the percentage of stamp duty and registration? Secondly do we need to pay my society any charges for transferring my share and obtaining a NOC from them as well as obtaining new share certificate wholly in my father's name? Many thanks!!
You can make deed of relinquishment in favour of your father.
That deed requires stamp duty of Rs.500/- and registration Fee of Rs.1000/- since the transaction is between blood relatives. There is also no need to require permission to transfer the 50% share. However it is advisable to intimate the society in advance and obtain the NOC from them.
Thank you Sir for your reply but is there any legal standing in executing relinquishment deed. The property was purchased by my father and I had taken a small loan so I was kept the first holder but recently he repaid my loan and in real sense he is the sole owner of the property. So to keep things clear i want to give away my rights. I was suggested for gift deed too but since I was never the rightful owner of that 50% I wasn't sure if it can be given as gift as we don't want anyone to challenge on it. Also Whats the difference between gift deed and relinquishment deed. Your help very much appreciated. Thx!