Propertyrelated Propertyrelated

3 years ago

Bought a property jointly with my mother though I paid the complete amount for the flat.
I want to do a gift deed or relinquishment deed so that after my mother's death, my sister cannot claim on this flat. I want to know few details regarding this deed procedure and cost.

Details of my flat is -
1. It's a flat in Mira road, maharashtra, Thane district.
2. Purchased in 2009
3. Original agreement has only my name and my mother's name - me as owner and mother as co owner.
4. Total area of the flat might be between 480 to 550 sq ft.

Question-
1. I want to know what is the procedure of the gift deed or relinquishment deed in maharashtra

2. How much time does this procedure takes in Maharastra.

3. How much is the cost of gift deed or if I do relinquishment deed, how much is the cost of it , in Maharashtra?

4. Are there any other extra cost which I should consider before starting this process?

Kishan Dutt Kalaskar

Responded 3 years ago

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A.Dear Sir,
A Hakka Sod Patra (or Haq Sod Patra) is 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 Hakkaa sod Patra is prepared or drafted by an advocate.
Stamp duty is purchased for execution. However, Maharashtra government has announced that there will be no Stamp Duty applicable on transfer of land, building and estate to legal heirs and successors.
A date is fixed for registration in the Sub-Registrar office.
Government registration fee is paid.
Both the parties and 2 witnesses are required to visit the registrar 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 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 ‘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.
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Anish Palkar

Responded 3 years ago

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A.I have gone through the entire details as per mentioned in your query & below are the answers
1) We just require PanCard & Adhaar Card of the persons whose relinquishment deed is to be made
2) Once the lawyer takes appoint for the same process it is completed in 1 Single day, But the draft has to be sent before
3) The Charges of relinquishment deed are Nominal , But we can combine it along with legal drafting & Consulting fees of which can be given after viewing the Sale Deed made by you in 2009
4) There are NO any other extra cost or any hidden charges, we shall provide the final cost which shall include the Government fees & entire process charges
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Your query is answered in detail. We can help you in getting done the same & Complete Legal Documentation works. Hope this information is useful
ADV. ANISH PALKAR (High Court Mumbai)
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Ayantika Mondal @ Prime Legal

Responded 3 years ago

A.Hi,

Please visit the concerned sub-registrar office to know the checklist, present stamp duty, scanning and etc cost. It takes a few hours to register.

Ensure you make other siblings as consenting witnesses in the deed.
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