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It’s always good to make a will while you are alive to avoid any legal dispute after death. However, for those who die intestate i.e. without making a will is governed by separate rules and regulation. After the division of the property, if any of the people wishes to give away his right in favor of another person, he/ she can do so by way executing the Relinquishment Deed in India between the two concerned parties.
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A Relinquishment Deed in India is a legal tool whereby the legal heir releases his legal rights which he/she inherited in parental property, in favor of another legal heir who could be anybody but a co-owner or such person having share in the property be it his/her mother, son, daughter, brother, sister, etc.
Relinquishment means giving up on something, in legal terms, it refers to the abandonment of the rights, title, and interest, by one co-owner of the property in favor of another co-owner/s. Hence thereby this results in the emergence of new property shares which is increased one of those of beneficiaries.
The NOC (no objection certificate) only certifies that the person who is giving and signing the NOC does not have any objection if the concerned property is being transferred to any other person. However this is not the case in the Relinquishment Deed in India, as it is a legal document in which a person gives up or releases his legal rights of the property in favor of some other person, who should not be a third party, he/she could be co-owner.
A Relinquishment Deed in India is distinguished from a gift deed. In a gift the shares of a particular owner are gifted to another person who may or may not be a legal heir in that property i.e. can be any third party, however, this is not the case in relinquishment deed, in this it is mandatory to register the deed. The cost of such registration charges compared to a gift deed which requires high stamp duty is also less, even though there is no involvement of any kind of consideration both the deeds.
Read our article:Tax Computation on House Property Income
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