Relinquishment Deed: Concept and Procedural Aspect
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- Last Updated on 30 March, 2022
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[2022] 136 taxmann.com 334 (Article)
Relinquishment deed – a brief
1. Most of the people neglect in creating a Will for years and by and large die without leaving a Will. If a person dies without leaving a Will, it is called as “intestate”. It also includes the property of a person which was inherited by his / her legal heir. In that case, the legal heirs could go for relinquishment deed, which allows a smooth transfer of property – if there are two or more legal heirs, and can request to separate the property in future.
A relinquishment deed is termed as a legal document where a legal heir relinquishes / release or gives up his / her legal rights to ‘inherited property’ in good faith in favour of other heir(s). When the person dies intestate, the relinquishment deed transfers ownership. The legal heir (by inheritance) will transfer their shares in favor of co-owner or an additional legal heir, of the same property. A relinquishment deed will be assigned either for consideration or with no consideration. Conversely, the parties involved must be co-owners of the property for the transfer to be released or relinquished.
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