Subscribe to the Bombay Chartered Accountant Journal Subscribe Now!

November 2014

Document Gift or relinquishment deed-Determination- Stamp Act, 1899, Article 55

By Dr . K. Shivaram Senior Advocate; Ajay R. Singh Advocate
Reading Time 1 mins
fiogf49gjkf0d
Srichand Badlani vs. Govt. of N.C.T. of Delhi & Ors. AIR 2014 (NOC) 539 Del.

One of the co-owners can relinquish his share in a co-owned property in favour of one or more of the coowners. The document executed by him in this regard would continue to be a relinquishment deed irrespective of whether the relinquishment is in favour of one or all the remaining co-owners of the property. There is no basis in law for the proposition that if the relinquishment deed is executed in favour of one of the co-owners, it would be treated as a Gift deed. The law of stamp duty (as applicable in Delhi) treats relinquishment deed and gift deed as separate documents, chargeable with different stamp duties. It is not necessary that in order to qualify as a relinquishment deed, the document must purport to relinquish the share of the relinquisher in favour of all the remaining co-owners of the property. Even if the relinquishment is in favour of one of the co-owners, it would qualify as a relinquishment deed.

Download PDF

You May Also Like

Consent Decree – Appeal not maintainable – Party to approach the court which had recorded compromise and passed decree and establish that there was no compromise. [CPC O. 23 R.3]

TS-418-ITAT-2014(Mum) MISC Berhad vs. ADIT A.Ys: 2004-08 and 2009-2010, Dated: 16.07.2014