Relinquishment of rights over the property
01-Jan-2023 (In Property Law)
We have a DDA flat in New Delhi in Joint name. I want to relinquish my rights in favour of my spouse. What is the best methodology which will have minimum tax liability. I am a Hindu by religion
You will need to make a relinquishment deed and same will have to be executed in court which constitutes a transfer and hence tax would be levied but if you make a gift deed then same can be exempted in blood relation
You can get a relinquish deed made in favour of your wife.
This can be done through an Advocate.This would mean that you Relinquish your rights in that property in favour of your wife.Do get it registered, and the tax liability or the Capital gain will be shared by on your wife after you relinqusih your rights.
This can be done through an Advocate.This would mean that you Relinquish your rights in that property in favour of your wife.Do get it registered, and the tax liability or the Capital gain will be shared by on your wife after you relinqusih your rights.
The best way to relinquish your share in the property in the name of your spouse would be a relinquishment deed. The other way, if you want to transfer your share in the property in the name of your spouse would be a WILL. A sale deed would not be an advisable mode to transfer since it would involve monetary consideration, consequently leading to tax liability.
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