Hakka Sod Patra Relinquishment deed in Maharashtra

What is Hakka Sod Patra?

A Hakka Sod Patra (or Haq Sod Patra) is a relinquishment deed specific to the region of Maharashtra wherein a person legally or formally gives up or releases his legal rights of the said property being relinquished in the name of some other person. This is one of the modes of transferring rights of an immovable property.

What is the registration procedure for Hakka Sod Patra?

• The Hakka sod Patra is prepared or drafted by an advocate.

• Stamp duty is purchased for execution. However, the Maharashtra government has announced that there will be no Stamp Duty applicable on the transfer of land, building, and estate to legal heirs and successors.

• A date is fixed for registration in the Sub-Registrar office.

• The government registration fee is paid.

• Both the parties and 2 witnesses are required to visit the registrar's office on the fixed day for the registration.

• Registered relinquishment deed or Haqqa Sod Patra is collected after a week

What are the advantages and disadvantages of transferring a property through a relinquishment deed?

Advantage

This document is most commonly used when a person dies without leaving behind a will and all siblings end up inheriting the property. Unlike a gift deed, you can draw the relinquishment deed for monetary consideration.

Limitations

• There are no tax benefits. The term & lsquo transfer' includes relinquishment, not gift. Hence, when you are relinquishing property for monetary consideration, it will result in capital gains for the transferor.

• If the consideration is less than the stamp duty value of the property, the difference between the stamp duty and the consideration will be taxed in the hands of the buyer.

• If you relinquish it without any consideration, the stamp duty value of the property will be its sales price.
   

How can a lawyer help?

A Hakka sod Patra being a legal document requires the supervision of a legal expert for the purpose of drafting and executing. A documentation lawyer , owing to his years of experience in handling property-related documents, can guide you through the procedure of drafting and registration of the same. He can get the document drafted on your behalf and can ensure that your other rights or assets are not affected by executing a particular document. He can make sure that all the legal formalities are fulfilled while following the legal procedures and no legal harm is done to the property holder during the transaction. You can also use LawRato's Free Legal Advice service to get free advice on your case from expert property lawyers.

Advocate Chikirsha Mohanty

4.0 | 2+ user ratings Greater Kailash - 1, Delhi
5 years

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