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Release / Relinquishment |
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If a property has joint owners, for example Hindu joint family property, one joint owner may give up his/her rights over the property in favour of another. This is referred to as a release/relinquishment. A release or relinquishment is not referred to in the Transfer of Property Act. It is a term that has arisen out of usage. It is a transaction that is similar to a transfer and amounts to a transfer. Procedure : A release of rights in immovable property should be by a written deed and registered. The registration takes place in the office of the Registrar within whose jurisdiction [the area over which the Registrar exercises his/her authority] the property is situated.Procedure : Stamp duty must be paid as per the laws of your state, depending on the value of the property. [Each state has a law which prescribes the value of the stamp paper required for a particular deal/transaction. The state government fixes the market value of properties in different areas depending on the location and, demand etc. Stamp duty cannot be calculated for a value lesser than this fixed value. There may be separate stamp duties prescribed for a release in favour of family members and a release in favour of others.
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