Overview
A relinquishment deed is an important legal document in Uttar Pradesh. It allows the individual to transfer their property and all assets to another person or a family member. In Registration Act, 1908, Section 17 (1)b, if any documents which is involved transfer of rights of the immovable property, like a relinquishment deed and it is important to be registered to be legally valid. An individual has the right to give their rights and ownership to another person or another family member, and this deed is used in this case. For example, if the parents leave their property to their children and one of them gives up their claim on the property, then the other child takes full ownership. This deed must be signed willingly by the owner of the property who giving up their shares. And it cannot be forced or done under pressure. If the individual is under the influence of someone, then the deed will not be valid. A relinquishment deed is only used for property which is owned by two people means which is jointly owned. In the case of inheritance, both children are the owners of the property. So, one of the children can legally give up their rights in favor of their sibling.
Importance of Relinquishment Deed in Uttar Pradesh
The relinquishment deed is clearly documented; in the document, this is clearly mentioned who the person is who gives their property or assets to whom. And it makes sure that all the legal documents comply with the legal expertise. This is also important to avoid future conflicts between heirs or co-owners, which means it prevents disputes.
Stamp Duty on Relinquishment Deed in Uttar Pradesh
The stamp duty on relinquishment deeds in Uttar Pradesh, the UP Government has relinquished the standard 7% stamp duty for property transfer between family members. Now, the normal stamp duty of Rs 5,000+.
When transferring the property to a family member then the 1,000 Rs fee applies. Family members such as parents, spouse, children, siblings, and grandchildren.
Documents Required for Relinquishment Deed in Uttar Pradesh
To perform a relinquishment deed, an individual will need the following documents:
Legal documents of the property are those that are recognized by the government.
Writing documents that clarify the intention.
Personal details of the Co-owner of the property.
Description of the property.
Particulars required for a release deed.
Details on consideration, if there is any
ID Proofs: like Aadhar Card, Driving License, passport, etc.
PAN Card of both parties for the implementation of the deed.
An individual needs at least two witnesses at the time of the implementation of the Relinquishment Deed.
Proof of the stamp duty payment
How to Register a Relinquishment Deed in Uttar Pradesh?
To register a relinquishment deed in Uttar Pradesh, an individual needs to follow the following steps, which are given below:
The first step is drafting the relinquishment deed with the help of a legal expert individual needs to draft a deed, and in this, all the mandatory details should be included, such as the name of the parties, a proper description of the property, and the specific assets being relinquished.
The second step is the payment of the stamp duty; the individual needs to pay the required stamp duty according to the property after calculating and paying the applicable stamp duty based on the property value.
The third step is the execution of the deed. After the draft is ready and the stamp duty has already been paid, both parties involved need to sign the relinquishment deed in front of two witnesses. And this is also mandatory for the witnesses to sign the documents as witnesses.
The fourth step is to visit the sub-registrar's office. This is a must to must-visit the sub-registrar office for both parties where the property is located. This visit is mandatory to register the deed successfully. Conforms that both parties bring the original documents, identification proofs, and the properly signed relinquishment deed.
The fifth step is verification. This is must to be verified by the sub-registrar; the officials will verify the ID Proofs of the parties and of the witnesses, and the originality of the documents.
The sixth step is Registration of the deed. After successful verification, the sub-registrar will register the deed. And this involves entering the details of the deed in the official record and providing a registered copy.
The last and seventh step of the registration is the completion of the process. After the registration, the relinquishment deed became legally recognized by the government. The registered copy of the deed serves as proof of the transfer of property rights and can be used as evidence in court if required.
Conclusion
A relinquishment deed is a powerful document for co-owners in Uttar Pradesh that protects their rights and allows them to transfer their rights and assets to the other person. The relinquishment deed is used for this method, in which an individual can transfer their property safely to anyone they want. It protects against the conflicts that may arise in the future between the heirs and co-owners. With all the correct procedures, the relinquishment deed can be obtained, and the property and its owners are legally recognized by the government through this deed.
eStartIndia will help you to draft a Relinquishment Deed from the comfort of your home.
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