Inheritance of ancestral property is a common family disputes between two or more generations. Sometimes our parents or a family member may waive off all their rights of inheritance for different reasons including a dispute etc. But does it affect your right in ancestral property? Or can you still reclaim your right? Many times it happens when a person dies intestate i.e. without leaving a will or testamentary will behind, in such type cases the property of that person is inherited by their legal heir. So it’s all up to the legal heirs as what they want to do with that said property. If the legal heir’s come with the conclusion of separation of that property, then anyone of the co-owner (who is not keen to keep that property) can relinquish his share in favour of any other owner. This process of transferring the property from one owner to another owner is known as “Relinquishment of Property”.
Haq-Tyag or Relinquishment is known as Transfer of an Inherited Property by One Co- Owner in favour of another owner. An abandonment or surrender of rights over any property inherited or owned jointly can be either due to many social reasons like sisters relinquishing their right of ancestral property in favor of their brothers or any personal reasons.
Any inherited Property can only be relinquished by an owner of the property and only in the favor of another owner which mean inherited property cannot be relinquished to any other third person. Any relinquishment over a property can be made by Relinquishment Deed or Release Deed. Relinquishment deed is a legal document by which a person can give their legal right over a property to other owner with their consent. Sections 17 of the Registration Act 1908 make it necessary for a Relinquishment Deed to be registered.For the purpose of registration the deed should be drafted in the stamp paper and submitted in the Office of Sub- Registrar of Assurances under whose jurisdiction the property lies. It is also required to be presence and signature of two witnesses to get the deed registered. Generally any registered deed cannot be revoked because the person transferring their claim over a property has changed their mind. But in case of a relinquishment deed it can be a challenged on the basis of the same grounds used for revocation of a general contract i.e. Fraud, Coercion , Undue Influence, and Misrepresentation etc. It is also important that both the parties i.e. the person who relinquishes as well as the person in whose favour the deed is relinquished has give their consent to the cancellation of the deed, otherwise the deed can be cancelled through the court.The “Donor” and the “Relinquisher” must not be a minor. They must be sound mind and capable of taking rational decisions pertaining to the disposal of property and must be capable for contract. Relinquishment does not attract tax benefits and is taxed for capital gains.For the purpose of getting a relinquishment deed drafted and registered it is advised to consult a good lawyer who can draft the deed.