My grandfather's inhertited property(agricultural land in udupi) has been transferred to my uncle, dad and my aunt - three are the joint owners now as per RTC. My aunt is willing to relinquish her rights for 0 consideration. my uncle is willing to relinquish his right for X lakh rupees as consideration. my dad is unable to pay the money. My wife has the means to pay and want to pay the money and get the rights. Is it possible to execute a Relinquishment deed to affect the transfer so that 50% is with my dad and 50% is with my wife.
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Relinquishment deed cannot be executed to transfer 50 per cent of share in favour of wife
Once aunt and uncle relinquish share your father would be absolute owner of property
they can execute gift deed in favour of wife out of natural love and affection
1) Can a single relinquishment deed be executed where my uncle and aunt relinquish their share in favour of my dad , with uncle getting X lakh and my Aunt getting 0 rs ? the doubt is because aunt is giving up 1/3 rd share for 0 or say nominal money of 5000 Rs and uncle is giving up 1/3 rd share for huge sum - is this anomaly (of different consideration for equivalent 1/3 share) acceptable in a single deed or do we need two seperate deeds? one where my aunt gives up her 1/3rd share(for 0rs) and a seperate one where my uncle (now having 50%) gives up his share (for X lakh) . 2) can my dad ( after having become absolute owner) relinquish/gift 50% on the same day as the above one (or two ) deed(s) so that all sub-registrar office visit is done in one single day ? Or do we have to visit sub-registrar offices on 2 or 3 different dates (for each deed) wherein we get each deed affected in RTC (tahshildar approved ) before visiting again for the next deed.
Relinquishment of rights for the rightful share in the property can be made only to the other shareholders of the proeprty that is likely to be inherited by all the shareholders.
In your case since your father is not able to meet the full consideration amount to one of the shareholders who is willing to relinquish his rights in exchange of consideration amount, he can for now borrow the amount from your wife in the form of loan agreement. Once the entire property is transferred to his name, he can transfer the 50% share in the property to your wife's name by a registered sale deed in lieu of the loan amount that has been obtained by him through the said loan agreement.
Single relinquishment deed can be executed wherein uncle and aunt relinquish their shares .
2) father can later execute gift deed in favour of your wife
3) it cannot be done in single day
A single deed of relinquishment where your aunt does not get any monetary benefit and your uncle gets a certain sum will serve the purpose. There is no need for two separate deeds. After it gets registered your father becomes the absolute owner and he may then very well settle 50% of his share in your wife's name.
1. The Relinquishment of share in the property can only be done in favour of other co-owner/s of the property.
2. In the instant case, the share of 1/3rd each by uncle, aunt and your father can only be relinquished between the above three persons only. Hence Relinquishment Deed can't be executed in favour of brother's son and daughter-in-law.
3. However if your uncle and aunt execute a registered Relinquishment Deed in your father's favour, thereby your father will become sole owner of the property. Afterwards, your father can gift the property to you through a registered Gift Deed.
4. A single Release/Relinquishment Deed will suffice, wherein your uncle and aunt execute and relinquish their individual share in favour of your father.
5. Then your father has to arrange for mutation of his name, as sole owner, in the revenue records, like MR Book, RTC, etc.
6. After this procedure, your father can gift the property to you. Therefore, all the concerned have to visit Sub Registrar's Office more than once, on different days.
Dear Client,
A relinquishment deed is valid if it contain explicitly the statement of both the parties who is giving up their rights. You can get the deed registered on same day.
Thank You.
A single relinquishment deed can be executed jointly by both the shareholders in favor of the chosen single shareholder.
The consideration amount received by each can be mentioned against their respective names.
There's no ambiguity or anomaly in it.
1 single relinquishment deed uncle and aunt is no issue
2 Thereafter Gift Deed to your wife
gap on both steps.
You can do single deed if required or multiple deeds as per your choice. It's better to do a single one
- Yes, they can release their respective share in the property if the property is undivided.
- But, if the property is properly divided and the property will be considered as their self acquired property .
- Hence, if the property is undivided then legally they can only release their respective share in the name of other legal heirs and not your wife.
- In case of divided property , they can registered gift deed or a sale deed .
