• Transfer of ancestral property

We are two brother and four sisters. My mother passed away in 1990 and father passed away in 1996 without leaving a valid will. My two sisters relinquish there property in favor of two brother and other two sisters relinquish 50 % or there property rights in favor of other two sisters thus we two brother have 33.3% rights while sister's have 8.33%rights in undivided property. In 2016 this property has been transferred in the name all six. Later we went into contract with builder to multistory project however due to various factors project is yet to start and now builder want in new terms which is not acceptable to my sisters. Now I wish to relinquish my share that is 33.33 in favor of all my sisters, how it can be done .is it by means of relinquish deed or some other method without affecting my tax liability.
Asked 4 months ago in Property Law
Religion: Hindu

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17 Answers

You can execute deed of relinquishment for your share in property 

 

it would operate in favour of all your siblings and not merely in favour of sisters 

 

it should be duly stamped and registered 

Ajay Sethi
Advocate, Mumbai
84043 Answers
5477 Consultations

5.0 on 5.0

1. You can relinquish your share of 33.33% in the ancestral property in favour of your 4 sisters by executing a registered Release Deed in the jurisdictional Sub Registrar's Office.

2. By doing this procedure, it will not affect your tax liability.

Shashidhar S. Sastry
Advocate, Bangalore
3770 Answers
225 Consultations

5.0 on 5.0

If you want to give away  your share in the property to your sisters alone, then you can make a registered gift settlement deed in their favor jointly.

If you transfer your shares in the property by executing a registered relinquishment deed, then your share of property shall mingle with the whole property and your purpose will be defeated because your sisters cannot get your shares individually.

Therefore you can transfer your shares by executing a registered gift deed or settlement deed in their favor jointly.

 

T Kalaiselvan
Advocate, Vellore
74146 Answers
1202 Consultations

5.0 on 5.0

- As per law, after the death of your parents , their property would be devolved upon all legal heirs equally.

- You can execute a registered relinquishment deed in favour of your sister or can also registered a gift deed.

-  A registered Gift deed is better option.

Mohammed Shahzad
Advocate, Delhi
7971 Answers
85 Consultations

5.0 on 5.0

You have options of

- Sale Deed

- Release Deed

- Gift Deed

 

Release deed will not solve your purpose. 

 

Sale Deed will be costly and tax.

 

Gift Deed is best option in your case. 

 

Ankur Goel
Advocate, Bangalore
355 Answers

4.9 on 5.0

You can do so by way of deed of gift or deed of release or relinquishment. 

All these deeds require Registration as well. 

Devajyoti Barman
Advocate, Kolkata
22515 Answers
363 Consultations

5.0 on 5.0

The presence of both the donor and the donee is essential before the sub registrar office at the time of registering the registered gift deed. 

The donee has to sign the deed accepting the gift deed. 

T Kalaiselvan
Advocate, Vellore
74146 Answers
1202 Consultations

5.0 on 5.0

You can execute registered relinquished deed

Prashant Nayak
Advocate, Mumbai
24215 Answers
51 Consultations

4.4 on 5.0

 Physical presence of both the parties are required while registering the gift deed in the jurisdictional Sub Registrar's Office. However, if it's not possible to physically present before the Sub Registrar's Office by anyone of the parties, such a party can authorise someone to represent him/her, on his/her behalf, for executing the registered gift deed by appointing an agent/attorney through a Power of Attorney (POA).

Shashidhar S. Sastry
Advocate, Bangalore
3770 Answers
225 Consultations

5.0 on 5.0

 

 

1) According to The Transfer of Property Act, 1882, acceptance of gift must be made by the donee during the lifetime of the donor and while the donor is still capable of giving the gift

 

2) Ideally, when the donor gifts the property to the donee, the donee should record the acceptance on the same deed of gift, at the time of execution of the deed and registration before the office of sub-registrar of assurances.

Ajay Sethi
Advocate, Mumbai
84043 Answers
5477 Consultations

5.0 on 5.0

1. You need to execute a relinquishment deed in favour of your sisters.

2. The deed has to be registered mandatorily in the office of jurisdictional sub-registrar.

Ashish Davessar
Advocate, Jaipur
30745 Answers
913 Consultations

5.0 on 5.0

For registration of Gifd Deed, only your presence is enough as donee can visit later. 

But Many sub registrars pretend of not knowing this and will ask both parties to be present. 

 

Ankur Goel
Advocate, Bangalore
355 Answers

4.9 on 5.0

A relinquishment deed has to be made and executed by you in favour  of all the other shareholders. That would suffice.

Rahul Mishra
Advocate, Lucknow
13045 Answers
42 Consultations

5.0 on 5.0

Physical presence ia required.

Rahul Mishra
Advocate, Lucknow
13045 Answers
42 Consultations

5.0 on 5.0

Dear sir,

1) You will have to execute a gift deed in favur of your three sisters.

2) The gift deed has to be duly registered at the office of the local registrar for it to be valid in the eyes of law.

3) Yes all parties have to be present ie the donor and donee (all sisters) at the registrar office.

Thank you

Anik Miu
Advocate, Bangalore
2493 Answers
26 Consultations

4.9 on 5.0

- For registration of Gift deed , presence of both the parties and witnesses required as Signature of both the Donor and the Donee is necessary. 

- If other party is unable to appear due to any reason then he/she can execute a POA in favour of any relative for appearing on his behalf. 

Mohammed Shahzad
Advocate, Delhi
7971 Answers
85 Consultations

5.0 on 5.0

Hello,

  1. You can get a Gift Deed registered in favour of the sisters and your 33.33% share will remain transferred in their names.
  2. Yes, both he donor and the donees have to be physically present in the office of the sub registrar for the purpose of the registration of Gift Deed.

S J Mathew
Advocate, Mumbai
3339 Answers
157 Consultations

5.0 on 5.0

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